In an interview with the Harvard Business Review, SFI Trustee Michael Mauboussin talks about complex adaptive systems and why successful investors have stopped paying attention to expert analysis in favor of diverse and challenging viewpoints. The interview is part of an HBR special issue, "Embracing Complexity."

As chief investment strategist at Legg Mason Capital Management, Mauboussin employs complex systems theory to navigate the financial markets, and has taught others to do the same through his books, lectures, and as an adjunct professor at Columbia Business School. His appreciation for complexity has shaped his world view in other areas, he says.

"Complex adaptive systems are one of nature’s big solutions, so biology is full of great examples," he says. "Once you’re aware of how the structure works, you’ll see these systems everywhere--the city of Boston, the neurons in your brain, the cells in your immune system, the stock market. The basic features--heterogeneous agents, interaction, and an emergent global system--are consistent across domains."

Read Mauboussin's Harvard Business Review interview (September 2011, subscription may be required)

Read another Harvard Business Review interview with SFI Trustee Pierre Omidyar about the Omidyar Network (September 2011, subscription may be required)