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More Than You Know: Finding Financial Wisdom in Unconventional Places (Updated and Expanded)

4.10  ·  Rating details ·  1,592 ratings  ·  57 reviews
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 ...more
ebook, 320 pages
Published October 18th 2007 by Columbia University Press (first published January 1st 2006)
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Average rating 4.10  · 
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 ·  1,592 ratings  ·  57 reviews


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Omar Halabieh
Apr 07, 2012 rated it it was amazing  ·  review of another edition
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 ...more
Andy
Dec 29, 2019 rated it liked it  ·  review of another edition
OK introduction to lots of "scientifical" concepts.
Ultimately doesn't add much of practical value beyond other things out there.
The Intelligent Investor by Benjamin Graham
James
Aug 26, 2012 rated it liked it
Shelves: finance
Another finance book with less than everyone knows.

The author is under the delusion that volatility,
is RISK. p 53

the author frequently talks about how stock turnover has increased greatly from the early 1970's to the present.

He doesn't seem to know that until 1975,
stock commissions were fixed at a very high price.

In 1975 deregulation occurred with commissions plunging,
also the bid/ask spread went from 12.5 cents on NY stocks
and 50 cents on NASDAQ stocks to 1-2 cents a share.

When I started
...more
Todd N
Oct 25, 2009 rated it liked it  ·  review of another edition
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 ...more
Tirath
Sep 15, 2013 rated it it was ok  ·  review of another edition
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.

Hahn Lin
Jul 09, 2018 rated it really liked it  ·  review of another edition
4.5 stars. This is a collection of 38 essays about the complexity of markets and connections with other disciplines. I thought some of the essays were brilliant while others felt more ordinary or needed to go more in-depth. The ones I especially enjoyed were chapters:
1 Process and Outcome in Investing
2 Investing - Profession or Business?
3 Frequency Versus Magnitude in Expected Value
5 Risk, Uncertainty and Prediction in Investing
9 Management Evaluation and the Investment Process
12 Emotion and
...more
Steve Bradshaw
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
...more
Tyson Strauser
Aug 03, 2007 rated it really liked it  ·  review of another edition
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
...more
Franco Arda
Oct 03, 2011 rated it it was amazing  ·  review of another edition
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
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 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 rated it it was amazing  ·  review of another edition
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 rated it it was amazing  ·  review of another edition
Great book. Mauboussin brings a refreshing and unique prespective into how we should think about the capital markets.
InvestingByTheBooks.com
As a leading thinker on investments Michael Mauboussin, strategist at Legg Mason and formerly at Credit Suisse First Boston, has through his widely read writings influenced how equities are viewed today. This book is an inspiring tour on a number of topics related to investment philosophy and strategy, market psychology, risk and equity analysis - often presented with a fun and surprising new perspective.

The main insight of Mauboussin’s work is that you will become a better investor with a
...more
Rob Price
Not the best book I’ve ever read. Not terrible either. Mauboussin is an experienced and creative thinking investor with a number of great insights – I’ve listed a few random ones below. I just didn’t really get into the book and it took a while to read so there wasn’t much enjoyment.

Investing is more about temperament than intelligence. Once you’ve established a foundation, learning, hard work, focus, patience and experience get you over the line.

You’ll be a better investor if you approach
...more
Dick
Jan 12, 2019 rated it liked it
This book came highly recommended, so I bought it with high expectation. However, I came away disappointed. The idea of this book is good, chapters structure well defined and the concepts within are important to all investors. However, I just wish the writing can be better. At time I even wonder if the author tried deliberately to make it hard to understand. It is like solving puzzles in each chapters and only after you read 2 times you have this " oh this is what you want to talk about". Very ...more
Trung
Jan 10, 2019 rated it it was amazing  ·  review of another edition
One of the first investing book I believe investor/trader must read before put money into the market.

The book covers essential topics such as:
- Fundamental concepts in investing: Process vs. Outcome
- Frequency of correctness vs Magnitude of correctness
- A shift from Attribute- to Circumstance-based thinking
- The distinctions between Risk and Uncertainty
- Valuation depends on your time horizon
- 3 areas for careful consideration: Management's Leadership, Incentives, and Capital Allocation skills
...more
Piotr Karaś
May 06, 2019 rated it really liked it  ·  review of another edition
Recommends it for: investors, traders
This book is based on the idea of consilience - lessons learned from findings in various fields of science and applied in investing in financial markets. The author draws on multiple research results and presents them as convincing examples of how they could be used by investors. It's like reading about some overarching rules that are reliable over the long haul and should be used by investors as the foundations for their models or systems.
Don Sevcik
Jun 29, 2017 rated it it was amazing  ·  review of another edition
Loved the research and the insight through market lessons and company dynamics. Interesting comparisons to the Animal Kingdom.

The author incorporate insight from Benoit Mandelbrot and Fractals, which are a natural phenomenon seen in the stock market and other aspects of life.

If you like investing or valuing companies, the book gives you a fresh perspective.
Peter
Excellent book. Found it similar to model thinker as Mauboussin walks through a variety of interdisciplinary ideas in a clear and succinct format. Really like the brevity of chapters as it kept complex ideas flowing quickly. Left copy at someones house so will have to get another at some point and read his other books.
Josh Elder
May 11, 2019 rated it really liked it  ·  review of another edition
I really enjoy the multidisciplinary approach Mauboussin brings to investment analysis. This book contains a nice introductory level description of numerous concepts across the social and physical sciences and their applications to investing. I’d say this book is more of a starting point to uncover topics that resonate, and then one must go deeper separately. Entertaining and quick read.
Atti
Jan 05, 2019 rated it it was amazing  ·  review of another edition
A must read if you are at all interested in finance and investing. It covers so many of my favourite topics like probabilities, behavioral psychology, chaos theory, power laws, complexity, etc... and relates them back to the world of investing. The main thesis of the book is that a multidisciplinary approach is best when dealing with complex systems like the stock market.
Brian
Sep 01, 2017 rated it liked it  ·  review of another edition
Short philosophical essays on investing (and life). Well written, although (as the author notes), probably best sampled periodically, rather than read straight through. My brain would periodically get overwhelmed as I was reading and trying to think about what I was reading.
Sharath Reddy
Sep 12, 2019 rated it it was amazing  ·  review of another edition
Good review of other science areas and how the relate to finance
Dan Gleason
Great book. Full of insights
Jon Lapinski
Nov 03, 2017 rated it really liked it  ·  review of another edition
Not many new ideas, but succinct presentation of the most important literature/evidence in investing and innovation. Covers variety of fields of study important to investing. All stuff, no fluff.
Diki
Aug 15, 2018 rated it it was amazing  ·  review of another edition
You'll find yourself reading this book again and again due to the sheer amount of wisdom it has. A must read, especially for practitioners.
Hidetsugu Tanaka
Oct 13, 2018 rated it really liked it  ·  review of another edition
Good to go over when you have a decision problems
Eric
Jun 08, 2017 rated it really liked it  ·  review of another edition
Some interesting things but a little beyond what I want to know, just too much information.
Manas Saloi
May 18, 2018 rated it it was amazing  ·  review of another edition
Collection of Mauboussin's best posts.
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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

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