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- Product code: 23802
- ISBN: 0231138709,
ISBN13: 9780231138703,
288 pages, paperback
Published by Columbia University Press on 2006
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Description of More Than You Know |
"Smart Money" has called Michael J. Mauboussin one of the "Most Influential People on Wall Street," and he has been repeatedly named to the "Wall Street Journal"'s All-Star survey. Known throughout the financial world for challenging conventional "Wall Street" wisdom, Mauboussin explores and applies ideas from a variety of disciplines to develop sound investment strategies and new approaches to understanding such concepts as choice, risk, and innovation. In this engaging book, he builds upon the visionary ideas of such figures as Warren Buffett and E. O. Wilson to offer surprising insights from unexpected sources. How can an investor learn from poker experts David Slansky and Puggy Pearson? What does guppy mate selection tell us about stock market booms? Do Tupperware parties have anything to tell us about how we select stocks? These are just some of the questions Michael Mauboussin considers in "More Than You Know".
Illustrating his points with lessons drawn from casino gambling, horse racing, psychology, evolutionary biology, and other activities and disciplines, Mauboussin shows how attention to process, an understanding of the psychology of decision making, and an even temperament produce the best long-term financial results for investors. Like "Freakonomics", "The Tipping Point", and "The Wisdom of Crowds", "More Than You Know" extends far beyond the world of economics and finance to reveal the logic (or illogic) behind the choices we make.
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Reviews"More Than You Know is a lucid explanation of the exciting new developments in behavioral economics and cognitive science on the rationality and irrationality of people’s economic choices. Mauboussin has an excellent understanding of the science of what it does and does not imply for investing, purchasing, and other real-life decisions. This book is essential reading for anyone interested in the science of human nature and its relevance to the world of finance."
- Steven Pinker, Johnstone Professor of Psychology, Harvard University, and author of How the Mind Works and The Blank Slate
"This is a conceptually brilliant, highly practical book that every investor and analyst needs to read-several times. Mauboussin has no peers; he understands how value is created better than anyone, anywhere."
- Clayton Christensen, Cizik Professor of Business Administration at the Harvard Business School, and author of The Innovator's Dilemma
"Only a few investment books provide enduring value and even fewer provide fresh insights upon rereading. Reminiscences of a Stock Operator, The Intelligent Investor, and The Money Game are in that select company. You can now add More Than You Know to the list. Michael Mauboussin has written the best book ever on how to think about investing. This fascinating compendium of the most important insights from the academic world and from the investment profession is like a Ph.D. in investment wisdom. If you want to understand how the world's best investors think, you must read this book."
- Bill Miller, Chairman and Chief Investment Officer, Legg Mason Capital Management
"Mauboussin is not your average Wall Street equity analyst... It can be read for entertainment... or to broaden your investment thinking."
- Publisher's Weekly
"Anyone can appreciate its flashes of Oliver Sacks-like insight"
- Bloomberg Magazine
"Michael Mauboussin has written the best book ever on how to think about investing...like 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
"Read his new book if you like to learn!"
- michaelcovel.com
"Few readers could come away from this book without being stimulated and intrigued."
- LA 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
"A fantastic book to read and re-read!"
- Capital Ideas Online
"Written with the professional investor in mind but extends far beyond the world of economics and finances."
- Micromotives.com
| Contents of More Than You Know |
Acknowledgments
Introduction
1. Be the House: Process and Outcome in Investing
2. Investing - Profession or Business? Thoughts on Beating the Market Index
3. The Babe Ruth Effect: Frequency Versus Magnitude in Expected Value
4. Sound Theory for the Attribute Weary: The Importance of Circumstance-Based Categorization
5. Risky Business: Risk, Uncertainty, and Prediction in Investing
6. The Hot Hand in Investing: What Streaks Tell Us About Perception, Probability, and Skill
7. Time Is on My Side: Myopic Loss Aversion and Portfolio Turnover
Part 2: Psychology of Investing
Introduction
8. Good Morning, Let the Stress Begin: Linking Stress to Suboptimal Portfolio Management
9. All I Really Need to Know I Learned at a Tupperware Party: What Tupperware Parties Teach You About Investing and Life
10. All Systems Go: Emotion and Intuition in Decision Making
11. Guppy Love: The Role of Imitation in Markets
12. Beware of Behavioral Finance: Misuse of Behavioral Finance Can Lead to Bad Thinking
13. Raising Keynes: Long-Term Expectations, the El Farol Bar, and Kidding Yourself
Part 3: Innovation and Competitive Strategy
Introduction
14. The Wright Stuff: Why Innovation Is Inevitable
15. Pruned for Performance: What Brain Development Teaches Us About Innovation
16. Staying Ahead of the Curve: Linking Creative Destruction and Expectations
17. Is There a Fly in Your Portfolio? What an Accelerating Rate of Industry Change Means for Investors
18. All the Right Moves: How to Balance the Long Term with the Short Term
19. Survival of the Fittest: Fitness Landscapes and Competitive Advantage
20. You’ll Meet a Bad Fate If You Extrapolate: The Folly of Using Average P/Es
21. I’ve Fallen and I Can’t Get Up: Mean Reversion and Turnarounds
Part 4: Science and Complexity Theory
Introduction
22. Diversify Your Mind: Thoughts on Organizing for Investing Success
23. From Honey to Money: The Wisdom and Whims of the Collective
24. Vox Populi: Using the Collective to Find, Solve, and Predict
25. A Tail of Two Worlds: Fat Tails and Investing
26. Integrating the Outliers: Two Lessons from the St. Petersburg Paradox
27. The Janitor’s Dream: Why Listening to Individuals Can Be Hazardous to Your Wealth
28. Chasing Laplace’s Demon: The Role of Cause and Effect in Markets
29. More Power to You: Power Laws and What They Mean for Investors
30. The Pyramid of Numbers: Firm Size, Growth Rates, and Valuation
Conclusion. The Future of Consilience in Investing
Notes
References and Further Reading
Index
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About Michael J. Mauboussin |
MICHAEL J. MAUBOUSSIN is chief investment strategist at Legg Mason Capital Management and an adjunct professor at Columbia Business School. He is the author (with Alfred Rappaport) of Expectations Investing: Reading Stock Prices for Better Returns. Mauboussin lives in Darien, Connecticut.
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