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More Than You Know by Michael J. Mauboussin…
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More Than You Know (original 2006; edition 2011)

by Michael J. Mauboussin Michael J Mauboussin Michael J. Mauboussin (Author)

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274476,509 (4.14)2
Since its first publication, Michael J. Mauboussin's popular guide to wise investing has been translated into eight languages and has been named best business book by BusinessWeek and best economics book by Strategy+Business. Now updated to reflect current research and expanded to include new chapters on investment philosophy, psychology, and strategy and science as they pertain to money management, this volume is more than ever the best chance to know more than the average investor. Offering invaluable tools to better understand the concepts of choice and risk, More Than You Know is a unique blend of practical advice and sound theory, sampling from a wide variety of sources and disciplines. Mauboussin builds on the ideas of visionaries, including Warren Buffett and E. O. Wilson, but also finds wisdom in a broad and deep range of fields, such as casino gambling, horse racing, psychology, and evolutionary biology. He analyzes the strategies of poker experts David Sklansky and Puggy Pearson and pinpoints parallels between mate selection in guppies and stock market booms. For this edition, Mauboussin includes fresh thoughts on human cognition, management assessment, game theory, the role of intuition, and the mechanisms driving the market's mood swings, and explains what these topics tell us about smart investing. More Than You Know is written with the professional investor in mind but extends far beyond the world of economics and finance. Mauboussin groups his essays into four parts-Investment Philosophy, Psychology of Investing, Innovation and Competitive Strategy, and Science and Complexity Theory-and he includes substantial references for further reading. A true eye-opener, More Than You Know shows how a multidisciplinary approach that pays close attention to process and the psychology of decision making offers the best chance for long-term financial results.… (more)
Member:696Ashish
Title:More Than You Know
Authors:Michael J. Mauboussin Michael J Mauboussin Michael J. Mauboussin (Author)
Info:HarperCollins India (2011)
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More Than You Know: Finding Financial Wisdom in Unconventional Places by Michael J. Mauboussin (2006)

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Showing 4 of 4
Excellent collection of essays.

Mauboussin starts the collection with Berlin's metaphor between hedgehogs who know one big thing and foxes who know many little things. Mauboussin is most definitely a fox. The book spans topics from biology (ants and guppies) to psychology (healthy doses of behavioral economics) and finance (the issues with bell curves and the power law). The book is a collection of small essays built around metaphors or unconventional observations. The book reminds me in particular of Taleb's Black Swan, Schiller's Irrational Exuberance and Thinking Fast and Slow. The advantage of this book is that the essays are much shorter and less technical than the longer works. The essays are written in a concise simple style accompanied with informative pictures.

I've seen a lot of the ideas in other places, but as a whole the book is a good refresher. The idea that stuck out to me, is probably Mauboussin's synthesis between behavioral economics and efficient market theory. While Mauboussin believes behavioral economics to accurately describe individual investors, he argues that a diversity of biases and heuristics cancel out so that the aggregated opinions are still efficient. Additionally, he believes that when diversity of investors break down (herding behavior), the markets become inefficient and feedback occurs. In that way, Mauboussin beautifully synthesizes efficient markets, behavioral economics, system complexity and irrational exuberance. I cannot recommend this book enough for anyone with the slightest interest in the markets or finance. ( )
  vhl219 | Jun 1, 2019 |
Understanding modern financial markets is not a job for the faint of heart. For all of the intellectual firepower that has been brought to bear on the topic, it really is remarkable that there is still so much that remains unknown about the fundamentals of investing. The premise of this illuminating collection of essays is that lessons from disciplines as diverse as psychology, strategic management, fractal analysis, and even evolutionary biology can greatly aid our effort to understand how investors assess a company’s ability to create or destroy value.

Mauboussin is largely successful in making the case that investment analysis in the new millennium needs to be a multidisciplinary activity. The book is packed with examples of where advances in other areas find parallels in security valuation and portfolio management (e.g., complexity theory, the study of fruit fly life cycles). On the other hand, the author is content to simply point out these connections without also offering any insights as to how investors might exploit that knowledge; for instance, after noting that distributions of firm size and growth are comparable to how animal species develop, he concludes that “mindful investors should take these patterns into account.” Nevertheless, this is a thoughtful and original treatment that should stimulate further collaborative work in the area. ( )
  browner56 | Dec 5, 2010 |
I included this book in my book: The 100 Best Business Books of All Time. www.100bestbiz.com. ( )
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  toddsattersten | May 8, 2009 |
Every once in a while, the Muses conspire to change the things you do.

For years, when asked for a recommendation of an investment book, I responded that “Reminiscences of a Stock Operator” provided insights each time I read it.

The list is now longer. “More than You Know” by Michael J. Mauboussin has been added.

The author, in 50 insightful essays, draws from the latest in behavior economics and cognitive sciences to give the reader invaluable insights into the concepts of risk and choice.

His investment strategies are sound. They draw from creative thinkers as diverse as Warren Buffett and Steven Christ; they borrow from activities and fields as diverse as casino gambling and evolutionary biology.

Mauboussin believes a multidisciplinary approach based on process and psychology offers the best opportunity for long-term investment success. He breaks his book into four sections: Investment Philosophy, Psychology of Investing, Investment and Competitive Strategy and Science and Complexity Theory. Although his essays are insightful, he provides a thorough bibliography to guide future study.

Why the Muses moved to place this book in my hands last week, I do not know. But I am grateful they did. This book is a trove of knowledge and ideas. It is a must-read for anyone who takes their investing seriously. ( )
  PointedPundit | Mar 23, 2008 |
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Since its first publication, Michael J. Mauboussin's popular guide to wise investing has been translated into eight languages and has been named best business book by BusinessWeek and best economics book by Strategy+Business. Now updated to reflect current research and expanded to include new chapters on investment philosophy, psychology, and strategy and science as they pertain to money management, this volume is more than ever the best chance to know more than the average investor. Offering invaluable tools to better understand the concepts of choice and risk, More Than You Know is a unique blend of practical advice and sound theory, sampling from a wide variety of sources and disciplines. Mauboussin builds on the ideas of visionaries, including Warren Buffett and E. O. Wilson, but also finds wisdom in a broad and deep range of fields, such as casino gambling, horse racing, psychology, and evolutionary biology. He analyzes the strategies of poker experts David Sklansky and Puggy Pearson and pinpoints parallels between mate selection in guppies and stock market booms. For this edition, Mauboussin includes fresh thoughts on human cognition, management assessment, game theory, the role of intuition, and the mechanisms driving the market's mood swings, and explains what these topics tell us about smart investing. More Than You Know is written with the professional investor in mind but extends far beyond the world of economics and finance. Mauboussin groups his essays into four parts-Investment Philosophy, Psychology of Investing, Innovation and Competitive Strategy, and Science and Complexity Theory-and he includes substantial references for further reading. A true eye-opener, More Than You Know shows how a multidisciplinary approach that pays close attention to process and the psychology of decision making offers the best chance for long-term financial results.

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Columbia University Press

2 editions of this book were published by Columbia University Press.

Editions: 0231138709, 0231143729

 

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