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More Than You Know: Finding Financial Wisdom in Unconventional Places
Books: Computers: Artificial Intelligence: Item 1
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More Than You Know: Finding Financial Wisdom in Unconventional Placesby Michael J. Mauboussin
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20 of 21 people found the following review helpful: Its Time to Amend the List, June 14, 2006 Reviewer:Craig L. Howe "www.craighowe.com - Home of the Pointed Pundit" (Darien, CT United States) - 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.
From Publishers Weekly
Mauboussin is not your average Wall Street equity analyst, writing investment recommendations whose topical interest wanes a few days after the report is issued. His strategy reports begin with scientific findings from diverse fields, then show why an investor should care. This book is a collection of 30 short reports, revised and updated, covering animal behavior ("Guppy Love: The Role of Imitation in Markets"), psychology ("Why Zebras Don't Get Ulcers"), philosophy of science ("The Janitor's Dream: Why Listening to Individuals Can be Hazardous to Your Wealth") and other fields. Each essay describes a fascinating scientific finding, then develops and applies it to personal investing. "Survival of the Fittest," for example, begins by discussing how Tiger Woods improved his golf swing, introduces the concept of fitness landscapes from evolutionary biology, then explains why investors in commodity-producing companies should like strong centralized management, while technology-stock buyers should prefer flexible organizations with lots of disruptive new ideas. The book is breezy and well written, but not dumbed down, and provides extensive references. It can be read for entertainment as popular science or to broaden your investment thinking. However, it suffers from a common problem among compiled essays: despite the revisions, some material is out of date and other material is repeated. (June)
Copyright © Reed business Information, a division of Reed Elsevier Inc. All rights reserved.
Product Review
"Mauboussin is not your average Wall Street equity analyst It can be read for entertainment or to broaden your investment thinking." -- Publisher's Weekly
"Michael Mauboussin has written the best book ever on how to think about investinglike a Ph.D. in investment wisdom." -- Bill Miller, Chairman and Chief Investment Officer, Legg Mason Capital Management
"Mauboussin has found great insights about the science of human behavior in unconventional places and has written superbly about it." -- Robert Sapolsky, Professor of neurobiology, Stanford University
"Michael Mauboussin's insights and examples speak volumes to the value of an interdisciplinary approach to understanding how choices are made." -- Geoffrey West, President and distinguished professor, Santa Fe Institute
"Few readers could come away from this book without being stimulated and intrigued." -- Philip Coggan, The Financial Times
"A refreshingly intelligent antidote The book engagingly shows how a multidisciplinary perspective can deepen your sense of how financial markets work." -- Burton G. Malkiel, Wall Street Journal
"Written with the professional investor in mind but extends far beyond the world of economics and finances." -- Micromotives.com
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