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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

4.10  ·  Rating details ·  1,880 ratings  ·  73 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. ...more
Hardcover, 268 pages
Published April 21st 2006 by Columbia University Press (first published January 1st 2006)
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Average rating 4.10  · 
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 ·  1,880 ratings  ·  73 reviews


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Omar Halabieh
Apr 07, 2012 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
James
Aug 26, 2012 rated it liked it  ·  review of another edition
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 ou
...more
Andy
Dec 29, 2019 rated it liked it
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
...more
Todd N
Oct 25, 2009 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
Tirath
Sep 15, 2013 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.

...more
Hahn Lin
Jul 09, 2018 rated it really liked it
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 Int
...more
Matt
Apr 20, 2022 rated it liked it
Good ideas but felt scattered
Kon Moltchanski
Mar 10, 2021 rated it it was amazing
I try to read everything that Michael Mauboussin writes. His multidisciplinary way of looking at the world and wide range of research interests I think makes him one of the most unique voices in the investment community. More Than You Know is a collection of some of his best writing from his days in Credit Suisse First Boston and covers a broad range of topics from investment philosophy, psychology, innovation, competitive strategy, science and complexity theory. All the essays are very focused ...more
Steve
Nov 20, 2011 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
...more
Tyson Strauser
Aug 03, 2007 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
...more
Franco Arda
Oct 03, 2011 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
...more
Mikedariano
Feb 04, 2017 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.
...more
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 :)
Adam Hecklinger
Jan 23, 2008 rated it it was amazing
Great book. Mauboussin brings a refreshing and unique prespective into how we should think about the capital markets.
Todd
May 08, 2009 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 ...more
InvestingByTheBooks.com
Aug 22, 2018 rated it it was amazing
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 deep
...more
Christopher J Finlayson
Mindexpanding

Like all of the author’s writing, this book is filled with thought provoking views of the market. Drawing from a diverse cross section of fields, the author makes compelling cases for when markets are, and are not efficient, and the limits of classical finance views of markets. Some ideas I hope to remember:

1. While random chance should produce streaks, streaks are much more likely to occur when luck is layered on a degree of skill. Said another way, streaks are likely a good indica
...more
Rob Price
Dec 17, 2019 rated it it was ok
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 pro
...more
Dick
Jan 12, 2019 rated it liked it  ·  review of another edition
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 i ...more
Trung
Jan 10, 2019 rated it it was amazing
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
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. ...more
Chris Boutté
Jul 23, 2021 rated it it was amazing
Michael Mauboussin is an awesome writer, and I love his books. Not only is he filled with knowledge and wisdom, but he breaks topics down in a great way that anyone can digest. It took me a while to read this book, but that’s only because I overdosed on books about investing and trading. Once I picked it back up, I binged it. This is a fantastic book with short chapters giving you tidbits of wisdom about how markets work so you can make better decisions when investing and trading.
Don Sevcik
Jun 29, 2017 rated it it was amazing
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.
Atti
Jan 05, 2019 rated it it was amazing
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.
Josh Elder
May 11, 2019 rated it really liked it
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.
Peter
Jul 09, 2019 added it
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.
Tianhang Hu
Nov 21, 2022 rated it really liked it
I'm giving this one a 4 since I think this book resembles "The Success Equation" and "Think Twice" a lot. Actually, all three books are alike in some sense. That doesn't mean the messages the author tries to convey is unimportant. On the contrary, the messages are enlightening for investment professionals and those who want to break into the field.
...more
Brian
Sep 01, 2017 rated it liked it
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.
Pete Klein
Jan 05, 2021 rated it it was amazing  ·  review of another edition
Really good book about investing psychology and the emotion behind investing as well as our lack of understanding about how market behave. Herd mentality and statistical anomalies help to keep the market difficult to predict.
T. Sathish
Nov 09, 2021 rated it it was amazing
Financial markets are complex adaptive systems governed by power laws..the very nature that keeps us guessing, analyzing and yet failing to understand..a big reason why i remain fascinated as a student of financial markets..so much to learn, observe and act upon..Great book to read..
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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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