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.
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Ryan Leggio does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.