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Better Together
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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 However, it suffers from a common problem among compiled essays: despite the revisions, some material is out of date and other material is repeated.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)
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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
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