Michael J. Mauboussin
Auteur van More Than You Know: Finding Financial Wisdom in Unconventional Places
Over de Auteur
Michael J. Mauboussin is an investment strategist who has been in the financial services industry for more than 25 years. He has also taught at the Columbia Graduate School of Business since 1993, and is on the board of trustees at the Santa Fe Institute. He is the author or coauthor of four books, toon meer including The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing (Harvard Business Review Press, 2012). toon minder
Werken van Michael J. Mauboussin
The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing (2012) 137 exemplaren
What are Good Experts 1 exemplaar
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Think Twice: Harnessing the Power of Counterintuition door Michael J. Mauboussin
Concise and dense. It's a compilation of evidence based advice from Charlie Munger, Gladwell, Tim Ferriss, and others. The key is to think holistically about your decisions and be aware of cognitive biases.
1 
bsmashers | 2 andere besprekingen | Aug 1, 2020 |
bsmashers | 2 andere besprekingen | Aug 1, 2020 | 
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 particular of Taleb's Black Swan, Schiller's Irrational Exuberance and Thinking Fast and Slow. The advantage of this book is that the essays are much shorter and less technical than the longer works. The essays are written in a concise simple style accompanied with informative pictures.
I've seen a lot of the ideas in other places, but as a whole the book is a good refresher. The idea that stuck out to me, is probably Mauboussin's synthesis between behavioral economics and efficient market theory. While Mauboussin believes behavioral economics to accurately describe individual investors, he argues that a diversity of biases and heuristics cancel out so that the aggregated opinions are still efficient. Additionally, he believes that when diversity of investors break down (herding behavior), the markets become inefficient and feedback occurs. In that way, Mauboussin beautifully synthesizes efficient markets, behavioral economics, system complexity and irrational exuberance. I cannot recommend this book enough for anyone with the slightest interest in the markets or finance.… (meer)
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 particular of Taleb's Black Swan, Schiller's Irrational Exuberance and Thinking Fast and Slow. The advantage of this book is that the essays are much shorter and less technical than the longer works. The essays are written in a concise simple style accompanied with informative pictures.
I've seen a lot of the ideas in other places, but as a whole the book is a good refresher. The idea that stuck out to me, is probably Mauboussin's synthesis between behavioral economics and efficient market theory. While Mauboussin believes behavioral economics to accurately describe individual investors, he argues that a diversity of biases and heuristics cancel out so that the aggregated opinions are still efficient. Additionally, he believes that when diversity of investors break down (herding behavior), the markets become inefficient and feedback occurs. In that way, Mauboussin beautifully synthesizes efficient markets, behavioral economics, system complexity and irrational exuberance. I cannot recommend this book enough for anyone with the slightest interest in the markets or finance.… (meer)
As other reviewers have noted there are better treatments available since the writing of this book. There are some practical tips but they are quite wordy and not organised in a fashion that is easy to implement overall. I wish there was a good summary of action items to help you use some of the ideas in an easier way. It is however an interesting read.
A good insightful book. I'd prefer a little more maths, but overall I enjoyed the book. It seemed a bit repetitive towards the end, and if I'm brutal, I could suggest that you skip to the last chapter which gives a very nice, bullet-point summary of the whole book. Key take-aways for me are the extensive discussion around mean reversion and the idea of using correlation between successive outcomes to wait your prediction between the specific case and the base case. I found that very insightful.
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