Enter your mobile number or email address below and we'll send you a link to download the free Kindle App. Then you can start reading Kindle books on your smartphone, tablet, or computer - no Kindle device required.

  • Apple
  • Android
  • Windows Phone
  • Android

To get the free app, enter your email address or mobile phone number.

More Than You Know: Finding Financial Wisdom in Unconventional Places

4.5 out of 5 stars 69 customer reviews
ISBN-13: 978-0231138703
ISBN-10: 0231138709
Why is ISBN important?
ISBN
This bar-code number lets you verify that you're getting exactly the right version or edition of a book. The 13-digit and 10-digit formats both work.
Scan an ISBN with your phone
Use the Amazon App to scan ISBNs and compare prices.
Have one to sell? Sell on Amazon
Buy used
$4.29
Condition: Used - Good
Condition: Used: Good
Comment: Solid used copy with visible wear.
Access codes and supplements are not guaranteed with used items.
73 Used from $0.01
FREE Shipping on orders over $25.
More Buying Choices
38 New from $1.96 73 Used from $0.01 1 Collectible from $12.00
Free Two-Day Shipping for College Students with Amazon Student Free%20Two-Day%20Shipping%20for%20College%20Students%20with%20Amazon%20Student


Best Books of the Month
See the Best Books of the Month
Want to know our Editors' picks for the best books of the month? Browse Best Books of the Month, featuring our favorite new books in more than a dozen categories.
click to open popover

Editorial Reviews

From Publishers Weekly

Mauboussin is not your average Wall Street equity analyst, writing investment recommendations whose topical interest wanes a few days after the report is issued. His strategy reports begin with scientific findings from diverse fields, then show why an investor should care. This book is a collection of 30 short reports, revised and updated, covering animal behavior ("Guppy Love: The Role of Imitation in Markets"), psychology ("Why Zebras Don't Get Ulcers"), philosophy of science ("The Janitor's Dream: Why Listening to Individuals Can be Hazardous to Your Wealth") and other fields. Each essay describes a fascinating scientific finding, then develops and applies it to personal investing. "Survival of the Fittest," for example, begins by discussing how Tiger Woods improved his golf swing, introduces the concept of fitness landscapes from evolutionary biology, then explains why investors in commodity-producing companies should like strong centralized management, while technology-stock buyers should prefer flexible organizations with lots of disruptive new ideas. The book is breezy and well written, but not dumbed down, and provides extensive references. It can be read for entertainment as popular science or to broaden your investment thinking. However, it suffers from a common problem among compiled essays: despite the revisions, some material is out of date and other material is repeated. (June)
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.

Review

"Mauboussin is not your average Wall Street equity analyst... It can be read for entertainment... or to broaden your investment thinking." -- Publisher's Weekly


"Michael Mauboussin has written the best book ever on how to think about investing...like a Ph.D. in investment wisdom." -- Bill Miller, Chairman and Chief Investment Officer, Legg Mason Capital Management


"Mauboussin has found great insights about the science of human behavior in unconventional places and has written superbly about it." -- Robert Sapolsky, Professor of neurobiology, Stanford University


"Michael Mauboussin's insights and examples speak volumes to the value of an interdisciplinary approach to understanding how choices are made." -- Geoffrey West, President and distinguished professor, Santa Fe Institute


"Few readers could come away from this book without being stimulated and intrigued." -- Philip Coggan, The Financial Times


"A refreshingly intelligent antidote... The book engagingly shows how a multidisciplinary perspective can deepen your sense of how financial markets work." -- Burton G. Malkiel, Wall Street Journal


"Written with the professional investor in mind but extends far beyond the world of economics and finances." -- Micromotives.com

NO_CONTENT_IN_FEATURE


Product Details

  • Hardcover: 268 pages
  • Publisher: Columbia University Press (April 21, 2006)
  • Language: English
  • ISBN-10: 0231138709
  • ISBN-13: 978-0231138703
  • Product Dimensions: 1 x 6 x 9 inches
  • Shipping Weight: 1.2 pounds
  • Average Customer Review: 4.5 out of 5 stars  See all reviews (69 customer reviews)
  • Amazon Best Sellers Rank: #996,458 in Books (See Top 100 in Books)

Customer Reviews

Top Customer Reviews

Format: Hardcover
Every once in a while, the Muses conspire to change the things you do.

For years, when asked for a recommendation of an investment book, I responded that "Reminiscences of a Stock Operator" provided insights each time I read it.

The list is now longer. "More than You Know" by Michael J. Mauboussin has been added.

The author, in 50 insightful essays, draws from the latest in behavior economics and cognitive sciences to give the reader invaluable insights into the concepts of risk and choice.

His investment strategies are sound. They draw from creative thinkers as diverse as Warren Buffett and Steven Christ; they borrow from activities and fields as diverse as casino gambling and evolutionary biology.

Mauboussin believes a multidisciplinary approach based on process and psychology offers the best opportunity for long-term investment success. He breaks his book into four sections: Investment Philosophy, Psychology of Investing, Investment and Competitive Strategy and Science and Complexity Theory. Although his essays are insightful, he provides a thorough bibliography to guide future study.

Why the Muses moved to place this book in my hands last week, I do not know. But I am grateful they did. This book is a trove of knowledge and ideas. It is a must-read for anyone who takes their investing seriously.
Comment 70 people found this helpful. Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback.
Sorry, we failed to record your vote. Please try again
Report abuse
Format: Hardcover Verified Purchase
It is rare to find a book that fundamentally changes how you think about investing, and beyond that, learning. This is such a book.

Mauboussin relies on a simple, but fundamentally non-consensus idea - that finding useful links between disparate fields, rather than focusing exclusively on one discipline, can make you a better investor. His sources range from Darwin to Dr. Seuss, his subjects from physics to ant colonies, but all of them are focused on generating conclusions and tips that will help you beat the market.

More Than You Know builds a comprehensive investment framework in four chapters:

1. "Investment Philosophy" tackles how you should make investment decisions. Focus on process not outcomes, understand that the magnitude of gains and losses trumps their frequency, understand the psychological hang-ups that can lead to bad decisions, and realize sometimes we see patterns where they don't exist.

2. "Psychology of Investing" helps investors identify the pitfalls that prevent us from remaining objective such as stress, circumstance, and bias.

3. "Innovation and Competitive Strategy" teaches investors how to think about industry structures and how they are changed by innovation. In a world of accelerating change, Mauboussin demonstrates the folly of using historical P/Es, how you can profit from mean reversion, and how perception gaps are generated at predictable stages in a company's evolution.

4. Why can a group of people get to the right answer when no individual person actually has the answer? Why do seemingly small scale inputs often lead to massive and disproportional outputs in the stock market?
Read more ›
Comment 56 people found this helpful. Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback.
Sorry, we failed to record your vote. Please try again
Report abuse
Format: Hardcover
These thirty short essays offer a view on the financial markets that is informed by a widely read and wide-ranging intellect. At its best this collection will free the reader to view markets differently from ways in which they are accustomed. In particular, general readers not directly involved in the markets may find this book of interest. For others the insights are generally accepted investor truths in no need of further proof.

It is the author's view that the markets are a "complex adaptive system" and an inherently social activity. As such we may better understand their workings by looking at other organized systems in nature. Interconnecting links in nature, patterns of psychological behavior, the imitative activity of ants, the life cycle of the fruit fly, or mathematical "power laws" are viewed for what insights they can provide.

Much of this leads to already accepted ideas. Here are some examples.

A long term perspective is the preferred investment approach. A disciplined strategy ("process") will eventually yield desired results. Too much portfolio turnover is unproductive. Stress is a product of short term thinking. Innovation is a product of information. The rapid flow of information makes it difficult for a company to control its competitive advantage for long. Great growth companies mature through a life cycle and "stall". The pace of company and product life cycles appear to be accelerating. Investors are often their own worst enemies due to built-in biases. The business of investing is often at odds with the interests of the investor. Losses are harder to bear than successes of equal magnitude which tend to be discounted. Crowd behavior, herding, often leads to excesses (Mackay's "the Madness of Crowds").
Read more ›
Comment 55 people found this helpful. Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback.
Sorry, we failed to record your vote. Please try again
Report abuse
Format: Hardcover
The author is a strategist at a large active-management mutual fund firm, and it shows in a bizarre intellectual oversight that dominates my impression of the book.

Statistics are cited on p. 16 that 2/3rds of actively-managed mutual funds under-performed their indexes over a recent 5-year period, and 3/4ths over 10 years. The author accurately describes Jack Bogle's and Charles Ellis' cogent critiques of the mutual fund industry. He proceeds in the course of the book to recount many results and observations, both from the investment world and other fields, suggesting that markets are efficient enough that efforts to outwit them are not worth the cost. He notes the correlation between low turnover and high performance, and how psychology and social pressure lead investors astray when they try to beat the market. He presents in fact most of the intellectual background that supports low-cost index investing over active management (the key omission being the tax problems caused by actively-managed mutual funds in taxable accounts).

And yet, the book is an attempt (successful in a way) to describe a body of wide-ranging knowledge for use in trying to select investments to beat the market. This internal conflict reaches its most absurd in Chapter 24, describing the remarkable tendancy of collective information to be more accurate than individual experts, even in predicting the future... but where does this lead the author? Not to index funds, which would be the obvious investment application of this idea. Rather, he suggests that "investors who identify companies intelligently using collectives... may gain an investment edge." In other words, he would buy stock in Vanguard (if that were possible), but he wants you to invest your money with his firm!
Read more ›
1 Comment 17 people found this helpful. Was this review helpful to you? Yes No Sending feedback...
Thank you for your feedback.
Sorry, we failed to record your vote. Please try again
Report abuse

Most Recent Customer Reviews