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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.

Getting the 'Outside View'

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.