Getting the 'Outside View'
The Legg Mason chief investment strategist and author of 'Think Twice' on the benefit of deferring to a larger sample set beyond your own experience.
Ryan Leggio: ... Switching gears to your book, you talk a lot about the differences between the outside and the inside view. I was wondering if you could explain that concept briefly for people who aren't familiar with it.
Michael Mauboussin: Yes. It's a really important idea, not only in money management but also in life.
Ryan Leggio does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.