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More Than You Know: Finding Financial Wisdom in Unconventional Places (Updated and Expanded)
written by Michael J. Mauboussin
Studio : Columbia University Press
by Columbia University Press
Publisher : Columbia University Press
Released : 2007-09-26
Availability : Usually ships in 1-2 business days
Number of Items : 1
EAN : 9780231143721
Avg. Customer Rating: (based on 45 reviews)
List Price : $27.95
Our Price : $14.50
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Product Description |
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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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An Intelligent Book |
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I bought a copy after seeing a rave review and for the first 50 pages or so this book held my breathless attention - a sort of freakonomics for the high-brow set. The fact that from that point onward I could pretty much skim the book was a sign of how fast knowledge is becoming disseminated these days - the ideas sounded so familiar (the unlikely events are much probable than most people think, the fat tails, etc, etc). This is not really a criticism - if I knew this before I bought the book, I would still buy and enjoy it. The playground of the mind is definitely worth the admission price. |
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find your financial wisdom elsewhere |
this man has been teaching finance (securities analysis) as an adjunct (part time) professor at columbia since the early 90's with self interests on wall street and beyond.
what that did for mba students at columbia was very little. if you check out the track record of mutual funds at his most recent position (as chief investment officer) at legg mason (his 5th in 20 years), it's a below average one.
read something from bernstein and fischer instead. |
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Practical Financial Wisdom. |
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Practical information any ivestor should keep in mind. Potentially very helpful if one heeds to the ideas in this book. The first 75% of the book is very tight, but towards the end there is some repetition. Overall, nice read. |
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required reading |
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Perspective and Context are something human's (and other primates) don't do well, so it is great to have a series of relevant essays on these subjects relative to investing. It should be in a serious investor's library. |
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More than a rehash |
This is a collection of essays and articles by the author. They are filled with information about psychology and investing, and teach the reader just how the brain works when it comes to investing/gambling. I have read several books by investors/coaches/traders who speak to this, including Elder, Tharp, Mark Douglas (now my 2nd best after reading this book)., Koppel, and more. I'd say this is just as insightful as anything Douglas wrote and recommend them both. I have yet to read Thaler. It seems with many psychology books, you have to read slow and pay careful attention, there will be many words that the psychology field uses you must remember the name of, so it's a slow, but very interesting read. I found parts fascinating, and interesting, including the parts about guppies, and ants.
Great book! You have to have good emotional control to perform optimally in the markets, so reading these types of books is just as important as those books that teach you how to pick stocks, if not more! |
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