Summary of More Than You Know
Finding Financial Wisdom in Unconventional Places
A collection of expert essays offers explanations of how the market moves based on data from unexpected places.
This book began as a series of 50 short essays Michael J. Mauboussin wrote for investors. He advocates using a multidisciplinary perspective to try to understand how markets behave. By its nature as a collection of essays, this book is capricious and desultory, jumping around from subject to subject. The essays do not necessarily relate to each other, but that has some advantages, given the author's belief in multiple analyses. His book is not the place to seek a sound, consistently argued theory about why the market does what it does. On the contrary, Mauboussin repeatedly contends that no one really understands why the market acts the way it acts. In fact, he says, attempts to explain it often rely on patterns that aren't really there. getAbstract highly recommends this book as an excellent antidote for the disease of being overconfident about the wisdom of prevailing financial and economic opinions.
In this summary, you will learn
- What investors do, and do not, understand about financial markets, based on knowledge from various unrelated fields; and
- What lessons investors can learn from sources as diverse as the U.S. Social Security system and the average bee hive.
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