In this engaging and challenging book, Robert Hagstrom outlines a new approach to investing based on the ideas of two highly successful investors: Charlie Munger of Berkshire Hathaway and bill Miller of Legg Mason. Both Munger and Miller believe in the latticework approach to investing, one that is based on a working knowledge of a variety of disciplines. Latticework is a true liberal arts approach to investing. It carries the reader from Ben Franklin's vision of education to St. John's College with its Great Books program to the cutting-edge Santa Fe Institute, a multi-disciplinary research center which brings together scientists from a variety of fields to address complex adaptive systems, including markets and economies. In helping readers develop the worldly vision they need to succeed financially, Latticework also points the way to a richer, fuller, more rewarding life.
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Book Description
Editorial Reviews
Amazon.com Review
In the investment world, the term latticework represents the highly diversified but intimately related body of knowledge that Berkshire Hathaway vice chairman Charlie Munger has called upon to build the phenomenally successful holding company he runs with the legendary Warren Buffett. In Latticework, investment professional Robert G. Hagstrom--who previously authored The Warren Buffett Way--elaborates on this broad-based approach and presents some essential theories of physics, biology, social science, psychology, philosophy, and literature that can help readers achieve a similar grounding. "Investment decisions are more likely to be correct when ideas from other disciplines lead to the same conclusion," Hagstrom writes. "Those who strive to understand (these) connections are well on the way to worldly wisdom. This makes us not only better investors but better leaders, better citizens, better parents, spouses and friends." Once absorbed, he contends, the fundamentals of these six subjects allow finance and investing to be considered as they should: "as a unified whole." He explains how the rule of supply and demand is like the point of equilibrium in physics, for instance, and the law of economic selection is akin to a biologist's view of evolution. These and other provocative theses are presented throughout in a consistently clear, thoroughly convincing, and wholly captivating manner. --Howard Rothman
About the Author
Robert Hagstrom is Senior Vice President and Director at Baltimore-based Legg Mason Focus Capital, a global financial services company over 100 years old. Its clients include corporations, individual investors, and government entities.
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Most Helpful Customer Reviews
18 of 18 people found the following review helpful:
5.0 out of 5 stars
An Outstanding Book,
By
This review is from: Latticework: The New Investing (Hardcover)
In Latticework, Mr. Hagstrom has written a very powerful book arguing for the importance of a multidisciplinary approach to investing. If you are looking for a "magic bullet" to make your stock picking infallible, you will need to look elsewhere. Instead Mr. Hagstrom argues that all of the major branches of learning have something to offer. As a professional investor, I couldn't agree more. In particular Mr. Hagstrom draws on the work of the Santa Fe Institute in complex adaptive systems. His argument that too often people view the market in Newtonian terms which are ultimately inappropriate rings very true.This book does not pretend to offer a lot of answers, but rather is a starting part for future work. The bibliography alone is worth the price of admission. Ultimately, perhaps the highest praise I can give is that this book might not only make you a better investor, but also a better person.
30 of 33 people found the following review helpful:
4.0 out of 5 stars
Multidisciplinary Mental Models,
This review is from: Latticework: The New Investing (Hardcover)
Latticework is a good book. I liked the premise and approach more than the writing, but the writing was still good. The term latticework is attributed to Charlie Munger, the inimitable vice chairman of Berkshire Hathaway. Charlie views a latticework of mental models as an interlocking structure of ideas that is clearly multidisciplinary in nature. Drawing from this transdisciplinary focus, Hagstrom takes us through some key principles or laws from a number of disciplines such as psychology, physics, biology, and philosophy, among others. He then applies these theories to investing and the marketplace. Bottom line, this book is not about financial models or equity premiums. It is more a book about how to apply theoretical precepts in one discipline in helping you to understand another discipline, principally investing. As anyone who has studied widely, it is quite apparent that most disciplines are artificially delineated and socially constructed. The undergirding currents of knowledge seem one and the same (cf. the 'g' idea of intelligence). In general, people that have crisp and disciplined thinking and problem solving skills can tackle any subject with authority. I would read this book if you are tired of reading all the material that everyone else is reading and that seems to say the same thing a hundred different ways. At the end of the day, if you read what everyone else is reading, you are going to have difficulty thinking "outside the box" or differentiating your ideas in the marketplace. The smartest people I have read or talked with seem to be quite adept at applying knowledge from one area to add insight to another area. This book will at least start you on the right path to a new way of looking at the shifting market landscape.
26 of 33 people found the following review helpful:
5.0 out of 5 stars
From dividends to Darwin in under 200 pages.,
By Liz Paley (New York, NY United States) - See all my reviews
This review is from: Latticework: The New Investing (Hardcover)
When was the last time a Wall Street whiz suggested that you pick up a biology text?The finance MBA programs would have us believe that investing is simply a matter of math. Robert Hagstrom, someone who has clearly mastered the numbers in his field, quite poetically tells us otherwise. It presents a way in which to view the field of investing that relies on an understanding of many other disciplines. In fact, one of the greatest outcomes of this marvelous book may just be the resurgence of the liberal arts education.
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