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Buy Quality Stocks, Sell Treasuries, Says Mauboussin

Author of Think Twice offers advice on investors and investments.

Michael Mauboussin thinks about where you should invest and how you should invest. As chief investment strategist at Legg Mason Capital Management, Mauboussin focuses on the economy, markets, and investor behavior. Mauboussin is also an adjunct professor at Columbia.

His new book, Think Twice, examines why investors make mistakes if they leap to judgment and how they can correct that by carefully examining the possible alternatives and learning from their mistakes. I asked him about where the economy and markets are headed as well as lessons we can learn about how we make decisions. Check out his outlook for inflation, U.S. equities, and Treasuries as well as his advice on how we can all make better investors.

Q. It seems like a company's debt level has been all that mattered the past two years. Have the markets corrected for that enough that they'll be moving on to something else and if so what will that be?