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More Than You Know: Finding Financial Wisdom in Unconventional Places
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More Than You Know: Finding Financial Wisdom in Unconventional Places

4.08  ·  Rating Details ·  759 Ratings  ·  27 Reviews
Michael Mauboussin, one of Wall Street's most creative and influential minds offers provocative new ways of thinking about the stock market, investing, and how we make decisions.
Hardcover, 268 pages
Published April 21st 2006 by Columbia University Press (first published January 1st 2006)
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Omar Halabieh
Apr 07, 2012 Omar Halabieh rated it it was amazing
The core premise of this book is best summarized by the author: "More Than You Know's core premise is simple to explain but devilishly difficult to live: you will be better investor, executive, parent, friend - person - if you approach problems from a multidisciplinary perspectives". He then details his approach: "While the essays cover a range of topics, I categorize them into four parts - investment philosophy, psychology of investing, innovation and competitive strategy, and science and compl ...more
Todd N
Oct 25, 2009 Todd N rated it liked it
Shelves: finance
I liked this interesting book by the "Chief Investment Stratigest" as Leggs Mason and Columbia Business School professor. It is a collection of quick essays (blog posts?) on different topics -- some not normally associated with investing -- and how they might be applied to investing. A lot of the essays deal with one facet or another of behavioral science, but things get more interesting when he muses on things like Zipf's power law, the accelerating rate of innovation, and decision making in th ...more
Steve Bradshaw
Nov 20, 2011 Steve Bradshaw rated it liked it
Shelves: investment
A little shallow, but some interesting ideas from a range of fields (genetics, baseball, gambling, basketball, etc...) applied to investing. Given his unassuming and entertaining writing style, I was surprising to learn that Mauboussin is the "Chief Investment Strategist" at Legg Mason and previously at Credit Suisse. He also doubles as a Columbia Business School professor.

One of the better essays is a discussion on Outcome vs. Process taken from Moneyball that now appears in several other books
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Tyson Strauser
Aug 03, 2007 Tyson Strauser rated it really liked it
Shelves: finance, process
Mauboussin's book draws on his diverse knowledge of biological, psychological, demographic, and historical fields of study to argue that investment process can be observed in many places outside of business.

His sweeping discussion, from behaviorial finance/economics to biological Darwinism and choice, offers insight to investors that seek to understand the decision trees we subconsciously follow that affect our perception of risk/reward in an uncertain world.

Arguing for a multi-disciplinary app
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Franco Arda
Oct 03, 2011 Franco Arda rated it it was amazing
After reading this book, it went immediately into my personal list of the top 10 of investment books.

The author doesn't miss any FUNDAMENTAL point in investing. My personal favorites:

- Process and Outcome in Investing*
- Frequency Versus Magnitude
- Risk and Uncertainty
- Emotion and Decision Making
- The Hot Hand

* the whole chapter is on [...] - I only glanced at the site and new immediately that I had to buy this outstanding book
Mikedariano
Feb 04, 2017 Mikedariano rated it liked it
This is a good book that suffers from two things. First, it's an assembly of articles and that makes it a bit too thick and lacks a thread that runs through. Second, the margins are too narrow for excessive note taking.

The book is an opportunity to learn many things, but it could be structured better.
Chung Yen
Sep 03, 2009 Chung Yen rated it it was amazing  ·  review of another edition
Got tied up awhile... took me bout a month to finish this book @@

Anyway this book serves a nice guidance for ur future ref/thinking. The author studied/look into many other areas when writing this book. Behavioral econs concepts are constantly applied. If you like the ideas from diverse areas, I think you will enjoy this :)
Todd
May 08, 2009 Todd rated it it was amazing
Shelves: 100-best
This book was included in my book: The 100 Best Business Books of All Time. www.100bestbiz.com
Adam Hecklinger
Jan 23, 2008 Adam Hecklinger rated it it was amazing
Great book. Mauboussin brings a refreshing and unique prespective into how we should think about the capital markets.
Mourisham Jose
Mar 20, 2017 Mourisham Jose rated it it was amazing
utterly brilliant
Dangewehr
Sep 05, 2015 Dangewehr rated it it was amazing
Very good book that discusses a wide range of subjects to improve the decision process: from behavioral investing, through competitive advantage.
Below my key extracts:

o Investing based on Expected value, in turn, is the weighted-average value for a distribution of possible outcomes. You calculate it by multiplying the payoff (i.e., stock price) for a given outcome by the probability that the outcome materializes.
o Four attributes generally set this group apart from the majority of equity fund ma
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Vincent Li
Dec 30, 2016 Vincent Li rated it it was amazing
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 particu
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Vitalijus Sostak
Feb 25, 2014 Vitalijus Sostak rated it it was amazing
Charlie Munger is known as an advocate of multidisciplinary thinking - making investment decision using numerous models borrowed from other sciences. Unfortunately, he so far he did not reveal much _what exactly_ models he has in mind and how he applies them.
In this book Michael Mauboussin attempts precisely that - identify useful findings from statistics, biology, physics, network theory and information flows, mathematics, psychology, neuroscience and so on and describe in form of micro-lesson
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Lamec Mariita
Jan 06, 2013 Lamec Mariita rated it it was amazing
You should definitely read this book if you are into investing, psychology, behavior, influence, and why people make decisions they do. This book provides an excellent way for investors to avoid errors that others have made and will continue to make. The point of the book is simple: by paying attention to the decision-making process, investors can make better choices to improve their long-term results. This book is different than other investment related books and it's definitely worth reading.
Darko Doko
Jul 14, 2016 Darko Doko rated it really liked it
It's OK. Though not much new ideas for experienced value investor, it inspired me to search further into complexity theory and further into multidisciplinary approach to gaining wisdom just like Charlie Munger preaches. It's intersecting how some books don't have much of a value in itself but in references to other areas of interest.
Pyoungsung Choi
Feb 05, 2014 Pyoungsung Choi rated it really liked it
통찰력에 대해서 깊이 있게 고민하게 하는 책이다. 투자를 단순하게 PER, PBR 등 여러 가지 단순화된 지표로만 판단해서는 안 된다고 강력하게 경고하고 있다. 그 근거는 주식시장 자체가 복잡계이기 때문에 기계론적인 사고로 선형적인 인과관계를 가정한 단순한 투자법은 위험할 수 있다는 것이다. 투자에 대한 다양한 생각을 다양한 학문에서 근거를 가져와서 정리하는데, 깊이가 있다. 신경과학, 복잡계 이론, 진화생물학 등등 다양한 분야의 깊이있는 저자의 학식에도 놀라게 만든다. 결론은 역시 통찰력이 필요하다인데, 나 같은 범인은 그것이 없으니 아쉬울 따름이다. 초보적인 투자자를 위한 책은 아니다.
Tirath
Sep 15, 2013 Tirath rated it it was ok
Too theoretical for me. I kept glancing over each chapter and once in a while, I would bore down into what the author was trying to say.
So, sure, there are interesting things in the book.
A good way to approach this book is in the form of multi-disciplinary learning; the book refreshes one's mind towards the various facets of investing and how it is not so much about the numbers.

Zhong
Sep 11, 2012 Zhong rated it liked it
It is a very informative book. Same points are confusing me. The finance book with least data I ever read. I was thinking this book will be readable if writer add some data and facts. Over all, this book is worth to read.
Girish
Sep 10, 2013 Girish rated it it was amazing
This is an excellent book for all rational investors. It contains wealth of market insights...something every serious investor needs to know about. Because learning from one's own errors is very costly education in the financial markets. Definitely recommended.
Kramer Straube
Feb 05, 2015 Kramer Straube rated it it was ok
It was an ok group of thoughts on how other concepts apply to investing. Overall, I found that it just made tons of generalized statements that didn't really educate the reader all that much
Jay
Jan 08, 2012 Jay marked it as to-read
Shelves: biz-books
Time 100
Awinash Jha
Jan 10, 2015 Awinash Jha rated it really liked it
This book was in my self half read since 2006 , finally I read it cover to cover . It's multi disciplinary approach and brief on power laws are two take aways for me.
Daniel Frank
Apr 08, 2016 Daniel Frank rated it really liked it
I don't care one iota about finance, but this book contains some great insights and wisdom on how to think about the world.
Anna Masliaieva
Apr 24, 2016 Anna Masliaieva rated it really liked it
I guess the most important lesson i took from this book was that it reinforced my desire to be a well-rounded person and seek knowledge from different disciplinaries.
Herold Briones
Herold Briones rated it it was amazing
Jul 12, 2014
DI MU
DI MU rated it it was amazing
Nov 13, 2016
Matt McCormick
Matt McCormick rated it really liked it
Oct 14, 2013
Ilya Mrz
Ilya Mrz rated it did not like it
Jul 19, 2014
Lincoln T.
Lincoln T. rated it it was amazing
Apr 04, 2015
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Michael J. Mauboussin is Chief Investment Strategist at Legg Mason Capital Management. Prior to joining LMCM in 2004, Michael was a Managing Director and Chief U.S. Investment Strategist at Credit Suisse. Michael joined CS in 1992 as a packaged food industry analyst. He is a former president of the Consumer Analyst Group of New York and was repeatedly named to Institutional Investors All-America R

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