Scaling Theory

#7 – Michael Mauboussin: The Fascinating World of Increasing Returns

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My guest today is Michael Mauboussin (@mjmauboussin), one of the world’s leading experts in finance. Michael serves as Head of Consilient Research at Counterpoint Global, Morgan Stanley. He has authored three books and regularly appears in the Wall Street Journal, Financial Times, New York Times, and other publications. Since 1993, Michael has been an adjunct professor of finance at Columbia Business School and is also the chairman emeritus of the board of trustees at the Santa Fe Institute.

In our conversation, we delve into the dynamics of markets, discuss all sorts of increasing returns, and explore topics such as Charles Darwin, policymaking, AI and Web3, and the Santa Fe Institute. I hope you enjoy our discussion.

Find me on X at @⁠ProfSchrepel⁠⁠⁠⁠. Also, be sure to subscribe to the Scaling Theory podcast.

**

References:

  • Michael J. Mauboussin & Dan Callahan, "Increasing Returns: Identifying Forms of Increasing Returns and What Drives Them" (2024) https://perma.cc/Y3DN-LNMY
  • Michael J. Mauboussin & Dan Callahan, "Stock Market Concentration: How Much Is Too Much?" (2024) https://perma.cc/7EEX-ZY9T
  • Charles Darwin, The Autobiography of Charles Darwin: 1809-1882 https://www.amazon.com/Autobiography-Charles-Darwin-1809-1882/dp/0393310698 
  • David Warsh, Knowledge and the Wealth of Nations: A Story of Economic Discovery (2007) https://www.amazon.com/Knowledge-Wealth-Nations-Economic-Discovery/dp/0393329887
  • James Bessen, The New Goliaths: How Corporations Use Software to Dominate Industries, Kill Innovation, and Undermine Regulation (2022) https://www.amazon.nl/-/en/James-Bessen/dp/0300255047
  • Chris Dixon, Read Write Own: Building the Next Era of the Internet (2023) https://readwriteown.com
  • Anu Bradford, Digital Empires: The Global Battle to Regulate Technology (2023) https://global.oup.com/academic/product/digital-empires-9780197649268
  • Kenneth J. Arrow, "The Economic Implications of Learning by Doing" (1962) https://www.jstor.org/stable/2295952
  • J. Doyne Farmer, Making Sense of Chaos (2024) https://www.penguin.co.uk/books/284357/making-sense-of-chaos-by-farmer-j-doyne/9780241201978
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