More Than You Know: Finding Financial Wisdom in Unconventional Places

Average customer rating:

More than a rehash

First-principles Investing

Very interesting food for thought.

Very Useful New Perspectives

Good but not great

More Than You Know: Finding Financial Wisdom in Unconventional Places
Michael J. Mauboussin
Manufacturer: Columbia University Press
ProductGroup: Book
Binding: Hardcover

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Book Description

LEARN HOW GREAT INVESTORS THINK

Michael J. Mauboussin is known throughout the financial world for his innovative approach to succeeding on Wall Street. His unconventional methods have earned him a place on Smart Money's list of the "Most Influential People on Wall Street" and in the Wall Street Journal's All-Star survey. In More Than You Know, Mauboussin shares his secret to becoming an insightful investor and provides invaluable tools to better understand the concepts of choice and risk.

Mauboussin develops sound investment strategies by drawing on diverse sources and disciplines. He builds on the ideas of sage yet diverse visionaries including Warren Buffett and E. O. Wilson, but he also finds wisdom in a range of activities and fields that is both broad and deep, including: casino gambling, horse racing, psychology, and evolutionary biology. He analyzes the strategies of poker experts David Sklansky and Puggy Pearson and pinpoints parallels between mate selection in guppies and stock market booms. Ant colonies, Tupperware parties, "hot hands" in basketball, slime mold, and Tiger Woods's swing all have something to tell us about smart investing.

More Than You Know is written with the professional investor in mind but extends far beyond the world of economics and finance. Mauboussin groups the essays into four categories: Investment Philosophy, Psychology of Investing, Innovation and Competitive Strategy, and Science and Complexity Theory, and he includes useful references for further reading on the topics he discusses. A true eye-opener, More Than You Know shows how a multidisciplinary approach that pays close attention to process and the psychology of decision making offers the best chance for long-term financial results.

Customer Reviews:

More than a rehash.......2007-08-30

This is a collection of essays and articles by the author. They are filled with information about psychology and investing, and teach the reader just how the brain works when it comes to investing/gambling. I have read several books by investors/coaches/traders who speak to this, including Elder, Tharp, Mark Douglas (now my 2nd best after reading this book)., Koppel, and more. I'd say this is just as insightful as anything Douglas wrote and recommend them both. I have yet to read Thaler. It seems with many psychology books, you have to read slow and pay careful attention, there will be many words that the psychology field uses you must remember the name of, so it's a slow, but very interesting read. I found parts fascinating, and interesting, including the parts about guppies, and ants.

Great book! You have to have good emotional control to perform optimally in the markets, so reading these types of books is just as important as those books that teach you how to pick stocks, if not more!

First-principles Investing.......2007-08-12

Food for thought for investors, served as a delicious four-course meal with 30 bite-sized portions. The portions are a la carte and may be consumed in no particular order. The chef cherry-picks from a diverse set of sources and creates a recipe of highly palatable wisdom for all to mull over.

I am no professional investor and my first reaction to the book was that Mauboussin is stating the obvious. The financial wisdom is not being found in as "unconventional places" as the title may suggest: of course, you would look at behavioral psychology, gambling and coin-tosses for learning investment concepts. However, when it comes to investing, don't we all have our stories to tell about the gap between rationality and action at the point-of-decision. In a world where finance theories attempt at creating formulae to replace human responsibility in decision-making, Mauboussin goes back to the basics and provides a tool-kit that empowers humans to make better decisions.

In one of his essays, the author talks about the process of theory-building and explains how proper categorization of theories is essential. As theories improve, they evolve from attribute-based categories to circumstance-based categories. In other words, one needs to know when to apply what theories. Treat the book as a catalogue of references to cool concepts, and I can imagine you going back to its sections every so often in various circumstances.

As an example, the book puts emphasis on internalizing the philosophy of investing based on "expected value" rather than the probability of the outcome alone. As another example, the loss of an amount makes us feel 2 to 2.5 times worse than the gain of the same amount makes us feel better. Read the book to better understand how these apply.

Very interesting food for thought........2007-07-03

Basically takes many different philosophical and scientific angles and shows how systems like the market work. Totally fascinating and will get you thinking. There are no trading tips so if that is what you want look elsewhere. What there is, is analysis of the market as a system and as compared to other natural systems. At the end of it I felt a bit like there was too much to think about and no real solution but then again maybe that is what the market is and why so few succeed at it.

Very Useful New Perspectives.......2007-05-30

Investors often make the critical mistake of assuming good outcomes are the result (proof) of a good process. In contrast, the best long-term performers in any probabilistic field all emphasize process over outcome - eliminating distractions due to short-term luck. One should focus on corporate circumstances, not its attributes (eg. a low p/e ratio). So begins "More Than You Know," and its helpful essays - samples of which follow.

The frequency of correctness is often less important than the magnitude. In a casino, one must bet every time to play (though can increase bets when the odds look good); in the stock market, one only needs to bet when the odds are favorable.

The average percentage of funds exceeding the annual S&P return in any of the last 15 years is about 44%. The average person regrets losses at about 2.5X the rate of gains. It's is not enough to have your own view - also must consider what others think.

The pace of change is accelerating. The average life of a company in the S&P average has gone from 25-35 years in 1950 to 10-15 today; the average mutual fund holding period has fallen from about 15 years to 4 over the same period, while the average portfolio turnover has risen from 20% to over 100% (often simply to minimize deviation from the index). Average speed of product development and process refinement also accelerating.

People tend to respond more to those they admire/like, and want to reciprocate when done a favor. Investors tend to assume lower risks and higher returns when they feel god about an investment; the converse is also true. People also tend to follow the herd in markets, undermining the efficient market thesis, especially regarding investment timing.

Investing in industry shakeout survivors (eg. the disk drive industry) is superior to general investing.

S-Curve Growth: After a change (eg. new product, new market) it is best to buy when sales first start to slowly build, and sell before they taper off (mature, slows) because most buyers think in terms of linear extrapolation. New entrants generate greater returns than older, established competitors. One is very unlikely to achieve double-digit growth in a firm with revenues of over $20 billion; best returns for a firm are in its first five years.

Industry concentration and large market shares are both associated with improved sustained economic performance in an industry. Most discounted-cash-flow models overstate long-term returns - simply extrapolate.

Companies that have fallen (two consecutive years cash flow return on investment (CFROI) less than cost of capital, after two years of greater than cost of capital) have only a 30% chance of sustained recovery.

Of nearly 2,000 tech-stock initial public offerings between '80-'04, 5% accounted for over 100% of the $2 trillion in wealth creation; there was even strong Pareto concentration within this to 5% grouping. Thus, the major challenge of investors is to capture (or avoid) low-probability high-impact events.

Good but not great.......2007-05-12

The book contained nuggets of wisdom and using lessons from social science to drive them home was, at times, enlightening and, always, stylish. However, many of the analogies seemed (to me) to be a stretch and how to apply the knowledge was left entirely to the reader. And while I understand the reasons for leaving "application" to the reader, it just didn't meet my expectations.

Book Description

This book offers a visual step-by-step approach that new users feel comfortable with. From beginning to end, it allows readers to master all the basic skills, then return to the book for reminders when specific tasks are needed. The book's design utilizes the power of whole-brain learning coupled with other proven learning principles so that learning is faster and easier.

Customer Reviews:

Great book for the BEGINNER!.......2000-12-02

If you have used other Office programs before and want to save a few bucks just go through Access's online help and explore with Access to figure how to do the simple stuff. This book has the same explanations and walkthrough you can get from the Access help menu. I prefer reading out of a book rather than on a computer screen however so the book was OK for me. This is really basic stuff, browsing through the book for an hour gave me all the basic knowledge I needed.

If you want a more detailed and advanced book get Que's Special Edition Using Acess 2000

Great Book - Makes Office 2000 Easy!.......2000-06-18

After reading this book I am recommending it to anyone who wants to learn more than the basics about Office 2000 quickly. The book has an excellent teaching style that doesnt just tell you how to do it but also why. It covers more than just the basics and is written for a beginner or intermediate user of Office 2000.

Average customer rating:

PowerPoint 2000 Fast & Easy
Coletta Witherspoon
Manufacturer: Muska & Lipman/Premier-Trade
ProductGroup: Book
Binding: Paperback

Communications | Skills | Business & Investing | Subjects | Books

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ASIN: 0761517634

Book Description

PowerPoint 2000 Fast & Easy is the quickest way to learn the latest version of Microsoft PowerPoint. With its visual, step-by-step format, readers learn to create presentations that include tables and charts, sound, graphics, animation, and video. They also learn how to post their presentations to the Internet. Includes a comprehensive glossary and appendixes on installing the software and troubleshooting.

Book Description

Tourism is the world's largest industry, and ecotourism is rapidly emerging as its fastest growing segment. As interest in nature travel increases, so does concern for conservation of the environment and the well-being of local peoples and cultures.

Appalachia seems an ideal destination for ecotourists, with its rugged mountains, uniquely diverse forests, wild rivers, and lively arts culture. And ecotourism promises much for the region: protecting the environment while bringing income to disadvantaged communities. But can these promises be kept?

Book Description

This book discusses the importance of mountain regions, and the precariousness of mountain tourism in the context of ecosystem and cultural conservation. Case studies of mountain tourism existing along with environmental sustainability and community well-being are included. An integrated approach to mountain based tourism balancing the needs of local communities, tourists and environmental conservation is presented.

Reminiscences of an Ozarkian and early tourism developments

Average customer rating:

Reminiscences of an Ozarkian and early tourism developments
John T Woodruff
Manufacturer: Office of Leisure Research, Southwest Missouri State University
ProductGroup: Book
Binding: Unknown Binding

Hospitality, Travel & Tourism | Industries & Professions | Business & Investing | Subjects | Books
ASIN: B0006QBV2E

Book Description

Despite all the lip service paid to diversity in the workplace, most women, African-Americans, Asian-Americans, Latinos, gays, disabled, and older workers are still struggling to overcome the barrier of "difference" blocking their careers.

It's a hard reality, but not a good reason for them to quit trying. Instead, the authors of the acclaimed Voices of Diversity advocate a better, more effective strategy for advancing their careers--without sacrificing their identities or dignity.

Based on extensive research and firsthand interviews, and loaded with real-life workplace scenarios and success stories, FROM THE OUTSIDE IN explains how to: * break past assumptions of hostility * muster support * accentuate the positive * buy in without selling out--and more proven strategies for breaking through the concrete ceiling and enjoying a successful career.

Customer Reviews:

Practical "how-to": buy in, don't sell out.......2001-04-01

The strength of this book is in its nuanced case studies, which show the real-life dilemmas of those who may be subject to bias -- minorities, women, the disabled, gay workers, etc. The case studies not only sketch out the situation but include follow-up analyses, labeled "what should "x" have done?", that model how to cope with difficult situations. Suppose you're a woman at an investment bank with a Ph.D in economics and a great record attracting clients, and your boss has you stereotyped as a research beetle? What if you're a secretary with a very popular boss, but his compliments about your dress and appearance make you uncomfortable? Or a Pakistani software engineer whose colleagues joke that you must be sympathetic to terrorists? Or a black sales manager whose subordinates go over your head to complain about your aggressive management style -- and your own boss passes on the complaints without checking into their validity or encouraging the complainers to confront you directly? The book shows how to educate colleagues and bosses in situations like these without alienating them. While some of the advice about corporate "get-ahead" behavior is a little generic, the case studies make the book as a whole practical, practical, practical. Those who feel like "outsiders" in their workplace and are looking for ways to form good relationships and have their skills recognized will find it truly useful.

Strategies Many Probably Need.......2001-01-05

Here is a brief excerpt from the Introduction: "A special caveat: In the book we describe group tendencies. But, as we all know, not all members of a group share the same beliefs, values, and behaviors. Moreover, this book is not intended to be a definitive study of every group discussed. Instead, it makes use of some distinctive tendencies in each group to demonstrate how these tendencies may affect personal interaction, teamwork, and promotional opportunities in the workplace." As the subtitle correctly suggests, the authors suggest seven strategies for success "when you're not a member of the dominant group in your workplace." That is, when you are outside and determined to get inside. Here are the strategies: 1. Check Your Baggage, 2. Call Out the Cavalry, 3. Accentuate the Positive, 4. Blow Your Horn, 5. Buy In, Don't Sell Out, 6. Know Your Rights, and 7. Have a Vision. Each of these seven strategies is carefully explained and then illustrated. The material is based on real-world experiences, strategies, and tactics recommended by real people. If you are (or feel that you are) excluded from the dominant group in your own workplace, I urge you to obtain a copy of this book and read it with appropriate care. Moreover, I presume to share a few personal caveats of my own. First, not all "in" groups are worthy of joining. Also, those who are "in" today may be "out" tomorrow and then "gone" soon thereafter. Finally, the strengths you now possess (ie what you have inside of yourself) such as intelligence, integrity, and passion are far more important than acceptance by a group whose members may lack them. Shakespeare's Polonius was right: "To thine ownself be true."

Book Description

In an era of constant re-organization, down-sizing, mergers, contract work, and short-term employment, you have to take full responsibility for your own career progress. Market Yourself and Your Career is a hands-on, practical guide to becoming your own career coach.

Market Yourself and Your Career can show you how to:

Initiate specific action steps to success
Develop key interpersonal skills to boost your career
Identify the right people to help you advance up the corporate ladder
Get noticed by the boss (in a positive way)
Make your work count twice
Overcome common obstacles

Market Yourself and Your Career is chock-full of specific advice that has helped thousands of professionals everywhere. Nobody is going to toot your horn for you, but Jeff Davidson can show you how to do it yourself!

Average customer rating:
BLOW YOUR HORN CST: How to Market Yourself and Your Career
Jeffrey P. Davidson
Manufacturer: Sound Ideas
ProductGroup: Book
Binding: Audio Cassette

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Job Hunting | Job Hunting & Careers | Business & Investing | Subjects | Books
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General | Self-Help | Health, Mind & Body | Subjects | Books
ASIN: 0671663852

Average customer rating:
Talk Yourself Up : A Guide to Putting Your Best Foot Forward Through Speaking Better English
Robert H. Janke
Manufacturer: Dell
ProductGroup: Book
Binding: Mass Market Paperback

General | Job Hunting & Careers | Business & Investing | Subjects | Books
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Public Speaking | Words & Language | Reference | Subjects | Books
ASIN: 044021159X
Release Date: 1993-01-02

Average customer rating:
MARKET YOURSELF FOR SUCCESS: HOW TO DEVELOP A PERSONAL MARKETING PLAN TO BE IN THE RIGHT PLACE AT THE RIGHT TIME, GET THE JOB YOU WANT, AND MOVE AHEAD IN YOUR CAREER
Richard, Payne
Manufacturer: Prentice Hall
ProductGroup: Book
Binding: Paperback
ASIN: B000OIF1CK

Average customer rating:
Market Yourself for Success: How To Develop A Personal Marketing Plan To Be In The Right Place At The Right Time, Get The Job You Want, And Move Ahead In Your Career
Richard A. Payne
Manufacturer: Prentice Hall Trade
ProductGroup: Book
Binding: Paperback
ASIN: B000OIH380

Book Description

This is the first comprehensive account of the development of consumer credit. Consumer credit is a vital force driving the development of our economic system. Rather than look at consumer credit solely as an economic phenomenon, Klein examines the social impact of the consumer credit industry within the framework of economic and cultural change. His analysis offers a concise examination of the industry from the perspective of marketing, the creating of material and experiential products, and the product distribution mechanisms. The discussion of changes within the bankruptcy structure accounts for the creation of overzealous consumer spending and the implementation of controls over individual consumer credit. This will be of interest to scholars or students concentrating in economic sociology, stratification, and cultural studies.

Customer Reviews:

Credit and the Material World.......2000-06-21

The world of consumer credit offers many cultural and real financial implications. Credit cards, their marketing, social significance, and consumer utilization are areas not usually covered in both social and economic contexts. This book offers a view that credit is a part of everyday life. In addition, analysis offered in this study portrays consumer credit as both a positive and negative force in our society. The analysis of historical development, marketing, cultural values and facilitation of consumer spending would suffice as an adequate analysis. But the view of the credit card industry as dependent upon issuing more plastic after consumer bankruptcy is important. We get the idea that credit cards are facilitators for middle class lifestyles and continuance of the economic system. This book clearly builds upon the early assumptions and gives us a wider view of the socio-economic playing field related to the influence of credit card utilization.

Fascinating footnotes aren't enough to redeem bad text.......2000-05-26

Boy, there's a lot in this book, but not a lot about credit cards or even consumer credit. I learned that Dail-a-Porn lasts 57 seconds, how truckers negotiate prices from prostitutes on CB radio, and that a certain woman who doesn't find Arabian-nights themed hotel rooms sexy prefers bondage games. But what is the point: that credit lets people buy things, that credit cards let people borrow to buy, that a card rather then currency removes a fetish for retaining money, or that a card encourages annonymity? Don't truckers pay hookers in cash anyway?

This is a messy pastiche of the author's previous academic paper, the type of sociology that consists of recounting the scripts of ads then telling readers what the advertisers were really trying to say, and lots of academic sounding references. Freud, Marx, Weber, Veblen,Maury Povich,and Foucalt have all been included in that festive intellectual name- dropping style.

Average customer rating:
107th Finance Battalion's support to Operation Joint Guard (Personal experience monograph)
Douglas C Bonner
Manufacturer: U.S. Army War College
ProductGroup: Book
Binding: Unknown Binding
ASIN: B0006RWVFY

Average customer rating:
Commander, U.S. Army Finance Command: Supporting Operation Joint Endeavor (Personal experience monograph)
Daniel B Gladowski
Manufacturer: U.S. Army War College
ProductGroup: Book
Binding: Unknown Binding
ASIN: B0006RWXPM

Average customer rating:
Finance management support for Operation Joint Endeavor (Personal experience monograph)
Kenneth E Crowder
Manufacturer: U.S. Army War College
ProductGroup: Book
Binding: Unknown Binding
ASIN: B0006RWXQG

Average customer rating:
Personal Finance: An American Experience
Ken Long
Manufacturer: Cat Publishing Company
ProductGroup: Book
Binding: Paperback

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ASIN: 1562263595

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