Author: Mr Mauboussin is Head of Consilient Research at Counterpoint Global. Previously, he was Director of Research at Blue Mountain Capital, Head of Global Financial Strategies at Credit Suisse, and Chief Investment Strategist at Legg Mason Capital Management. He also serves as an adjunct professor of finance at Columbia Business School.Book: The book is a collection of essays divided into four main parts; Investment Philosophy, Psychology of Investing, Innovation & Competitive Strategy, and Science & Complexity Theory. It is primarily written for professional investors, but it extends far beyond finance. It includes 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.
Opinion: This book is overall a great reading. I liked a lot its multidisciplinary approach to investing, as it addresses questions usually forgotten in mainstream finance. The (bad) thing about it may be that it’s somewhat superficial in each subject. I think it is inevitable though. I have seen few books addressing more topics than this one, so it’s impossible to be profound in each. In fact, I think it’s not even an objective of Mr Mauboussin. Finally, this is one of those books that everyone should own, not borrow; First, because each chapter is independent of the next so it can be read and reread randomly without any order. Second, because it is a superb research tool to consult each topic (and its references) for university/professional purposes.
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