More Than You Know : : Finding Financial Wisdom in Unconventional Places (Updated and Expanded) / / Michael Mauboussin.

• Superior document: Title is part of eBook package: De Gruyter Columbia University Press eBook-Package Backlist 2000-2013
• VerfasserIn: Mauboussin, Michael,
• Place / Publishing House: New York, NY : : Columbia University Press, , [2007]; ©2007
• Year of Publication: 2007
• Language: English
• Physical Description: 1 online resource (320 p.)

Since its first publication, Michael J. Mauboussin's popular guide to wise investing has been translated into eight languages and has been named best business book by BusinessWeek and best economics book by Strategy+Business. Now updated to reflect current research and expanded to include new chapters on investment philosophy, psychology, and strategy and science as they pertain to money management, this volume is more than ever the best chance to know more than the average investor.Offering invaluable tools to better understand the concepts of choice and risk, More Than You Know is a unique blend of practical advice and sound theory, sampling from a wide variety of sources and disciplines. Mauboussin builds on the ideas of visionaries, including Warren Buffett and E. O. Wilson, but also finds wisdom in a broad and deep range of fields, such as 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. For this edition, Mauboussin includes fresh thoughts on human cognition, management assessment, game theory, the role of intuition, and the mechanisms driving the market's mood swings, and explains what these topics 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 his essays into four parts-Investment Philosophy, Psychology of Investing, Innovation and Competitive Strategy, and Science and Complexity Theory-and he includes substantial references for further reading. 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.

Table of Contents

Frontmatter -- Contents -- Acknowledgments -- Introduction -- PART 1: Investment Philosophy -- Introduction -- 1 Be the House: Process and Outcome in Investing -- 2 Investing-Profession or Business? Thoughts on Beating the Market Index -- 3 The Babe Ruth Effect: Frequency Versus Magnitude in Expected Value -- 4 Sound Theory for the Attribute Weary: The Importance of Circumstance-Based Categorization -- 5 Risky Business: Risk, Uncertainty, and Prediction in Investing -- 6 Are You an Expert? Experts and Markets -- 7 The Hot Hand in Investing: What Streaks Tell Us About Perception, Probability, and Skill -- 8 Time Is on My Side: Myopic Loss Aversion and Portfolio Turnover -- 9 The Low Down on the Top Brass: Management Evaluation and the Investment Process -- PART 2: Psychology of Investing -- Introduction -- 10 Good Morning, Let the Stress Begin: Linking Stress to Suboptimal Portfolio Management -- 11 All I Really Need to Know I Learned at a Tupperware Party: What Tupperware Parties Teach You About Investing and Life -- 12 All Systems Go: Emotion and Intuition in Decision Making -- 13 Guppy Love: The Role of Imitation in Markets -- 14 Beware of Behavioral Finance: Misuse of Behavioral Finance Can Lead to Bad Thinking -- 15 Raising Keynes: Long-Term Expectations, the El Farol Bar, and Kidding Yourself -- 16 Right from the Gut: Investing with Naturalistic Decision Making -- 17 Weighted Watcher: What Did You Learn from the Last Survey? -- PART 3: Innovation and Competitive Strategy -- Introduction -- 18 The Wright Stuff: Why Innovation Is Inevitable -- 19 Pruned for Performance: What Brain Development Teaches Us About Innovation -- 20 Staying Ahead of the Curve: Linking Creative Destruction and Expectations -- 21 Is There a Fly in Your Portfolio? What an Accelerating Rate of Industry Change Means for Investors -- 22 All the Right Moves: How to Balance the Long Term with the Short Term -- 23 Survival of the Fittest: Fitness Landscapes and Competitive Advantage -- 24 You'll Meet a Bad Fate If You Extrapolate: The Folly of Using Average P/Es -- 25 I've Fallen and I Can't Get Up: Mean Reversion and Turnarounds -- 26 Trench Cooperation: Considering Cooperation and Competition Through Game Theory -- 27 Great (Growth) Expectations: On the Limits of Corporate Growth -- PART 4: Science and Complexity Theory -- 28 Diversify Your Mind: Thoughts on Organizing for Investing Success -- 29 From Honey to Money: The Wisdom and Whims of the Collective -- 30 Vox Populi: Using the Collective to Find, Solve, and Predict -- 31 A Tail of Two Worlds: Fat Tails and Investing -- 32 Integrating the Outliers: Two Lessons from the St. Petersburg Paradox -- 33 The Janitor's Dream: Why Listening to Individuals Can Be Hazardous to Your Wealth -- 34 Chasing Laplace's Demon: The Role of Cause and Effect in Markets -- 35 More Power to You: Power Laws and What They Mean for Investors -- 36 The Pyramid of Numbers: Firm Size, Growth Rates, and Valuation -- 37 Turn Tale: Exploring the Market's Mood Swings -- 38 Stairway to Shareholder Heaven: Exploring Self-Affi nity in Return on Investment -- Conclusion. The Future of Consilience in Investing -- Notes -- References and Further Reading -- Index