In the latest installment of our Motley Fool Conversations podcast, Legg Mason Capital Management Chief Investment Strategist and More Than You Know author Michael Mauboussin reflects on:

Listen now at http://www.motleyfoolconversations.com/ or subscribe through iTunes. New podcasts are published every Wednesday. 

Want more Mauboussin musings? Find out what you can learn from guppy mating habits, zebras, and Babe Ruth.  

Mac Greer does not own shares of any company mentioned. The Motley Fool's disclosure policy tends to forget that Babe Ruth started his career as a pitcher.