The Investor's Shelf — one person
MM
Michael Mauboussin
Head of Consilient Research, Counterpoint Global, Morgan Stanley Investment Management; previously Chief Investment Strategist at Legg Mason and Chief U.S. Investment Strategist at Credit Suisse
His research reports and Expectations Investing are primary sources that other investors, academics and strategists build directly on.
5 books of their own · 181 letters · 33 articles · 53 books they recommend
Books they wrote 5
Alfred Rappaport · 2001 · Revised edition published 2021 by Columbia Business School Publishing.
Letters 181
www.michaelmauboussin.com/writing.html
Mauboussin's research-report series is the equivalent of an investor letter and runs unbroken from 1995 to today across four employers: CS First Boston (1995-2000), Credit Suisse (2001-2012 and 2017-2020), Legg Mason Capital Management (2004-2016) and Counterpoint Global at Morgan Stanley (2020-present, published as Consilient Observer). The complete works archive is on his own site, michaelmauboussin.com. Current Morgan Stanley reports are PDFs under morganstanley.com/content/dam/im/assets/publication/thought-leadership/consilient-observer/, and the pre-2021 CS First Boston, Credit Suisse and Legg Mason reports are mirrored as PDFs at 12mv2.com, the Michael Mauboussin Index compiled by Kevin Gee.
- The Wisdom of Crowds in Markets: Crowd Behavior in Prediction, Betting, and Stock Markets2026 · Counterpoint Global — with Dan Callahan
- Opportunities and Expectations: The Present Value of Growth Opportunities in Valuation2026 · Counterpoint Global — with Dan Callahan
- Bayes and Base Rates 2.0: How History Can Guide Our Assessment of the Future2026 · Counterpoint Global — with Dan Callahan
- Competitive Advantage Period: The Neglected Value Driver2026 · Counterpoint Global — with Dan Callahan
- Bayes and Base Rates: How History Can Guide Our Assessment of the Future2026 · Counterpoint Global — with Dan Callahan
- Who Is On the Other Side? A Framework for Understanding Market (In)Efficiency2026 · Counterpoint Global — with Dan Callahan
- Capital Allocation: Results, Analysis, and Assessment (Updated)2025 · Counterpoint Global — with Dan Callahan
- Cash Holdings: Data, Theory, and Alternatives2025 · Counterpoint Global — with Dan Callahan
- Drawdowns and Recoveries: Base Rates for Bottoms and Bounces2025 · Counterpoint Global — with Dan Callahan
- Probabilities and Payoffs: The Practicalities and Psychology of Expected Value2025 · Counterpoint Global — with Dan Callahan
- Charts From the Vault: Pictures to Ponder2024 · Counterpoint Global — with Dan Callahan
- Measuring the Moat: Assessing the Magnitude and Sustainability of Value Creation2024 · Counterpoint Global — with Dan Callahan
- Which One Is It?: Equity Issuance and Retirement2024 · Counterpoint Global — with Dan Callahan
- Stock Market Concentration: How Much Is Too Much?2024 · Counterpoint Global — with Dan Callahan
- Valuation Multiples: What They Miss, Why They Differ, and the Link to Fundamentals2024 · Counterpoint Global — with Dan Callahan
- Cost of Capital and Capital Allocation: Investment in the Era of "Easy Money"2024 · Counterpoint Global — with Dan Callahan
- Increasing Returns: Identifying Forms of Increasing Returns and What Drives Them2024 · Counterpoint Global — with Dan Callahan
- Pattern Recognition: Opportunities and Limits2023 · Counterpoint Global — with Dan Callahan
- Total Shareholder Return: Linking The Drivers of Total Returns to Fundamentals2023 · Counterpoint Global — with Dan Callahan
- Trading Stages in the Company Life Cycle2023 · Counterpoint Global — with Dan Callahan
- Birth, Death, and Wealth Creation: Why Investors Need to Understand Corporate Demographics2023 · Counterpoint Global — with Dan Callahan
- ROIC and the Investment Process: ROICs, How They Change, and Shareholder Returns2023 · Counterpoint Global — with Dan Callahan
- Stock-Based Compensation: Unpacking the Issues2023 · Counterpoint Global — with Dan Callahan
- Confidence: Methods to Assess Confidence Under Uncertainty2023 · Counterpoint Global — with Dan Callahan
- Cost of Capital: A Practical Guide to Measuring Opportunity Cost2023 · Counterpoint Global — with Dan Callahan
- Capital Allocation: Results, Analysis, and Assessment2022 · Counterpoint Global — with Dan Callahan
- ROIC and Intangible Assets: A Look at How Adjustments for Intangibles Affect ROIC2022 · Counterpoint Global — with Dan Callahan
- Return on Invested Capital: How to Calculate ROIC and Handle Common Issues2022 · Counterpoint Global — with Dan Callahan
- Market Share: Understanding Competitive Advantage Through Market Power2022 · Counterpoint Global — with Dan Callahan
- Good Losses, Bad Losses: All Losses Are Not Created Equal2022 · Counterpoint Global — with Dan Callahan
- New Business Boom and Bust: How Capitalism Experiments2022 · Counterpoint Global — with Dan Callahan
- Wealth Transfers: Redistribution of Value via Capital Allocation2022 · Counterpoint Global — with Dan Callahan
- Intangibles and Earnings: Improving the Usefulness of Financial Statements2022 · Counterpoint Global — with Dan Callahan
- Feedback: Information as a Basis for Improvement2022 · Counterpoint Global — with Dan Callahan
- Underestimating the Red Queen: Measuring Growth and Maintenance Investments2022 · Counterpoint Global — with Dan Callahan
- Categorizing for Clarity: Cash Flow Statement Adjsutments to Improve Insight2021 · Counterpoint Global — with Dan Callahan
- Turn and Face the Strange: Overcoming Barriers to Change in Sports and Investing2021 · Counterpoint Global — with Dan Callahan
- Everything Is a DCF Model: A Mantra for Valuing Cash-Generating Assets2021 · Counterpoint Global — with Dan Callahan
- The Impact of Intangibles on Base Rates2021 · Counterpoint Global — with Dan Callahan
- The Economics of Customer Businesses: Calculating Customer-Based Corporate Valuation2021 · Counterpoint Global — with Dan Callahan
- Market-Expected Return on Investment: Bridging Accounting and Valuation2021 · Counterpoint Global — with Dan Callahan
- WACC and Vol: Valuatoin for Companies with Real Options2020 · Counterpoint Global — with Dan Callahan
- One Job: Expectations and the Role of Intangible Investments2020 · Counterpoint Global — with Dan Callahan
- Public to Private Equity in the United States: A Long-Term Look2020 · Counterpoint Global — with Dan Callahan
- The Math of Value and Growth: Growth, Return on Capital, and the Discount Rate2020 · Counterpoint Global — with Dan Callahan
- Myth Busting, Popular Delusions, and the Variant Perception2020 · Counterpoint Global — with Dan Callahan
- Dispersion & Alpha Conversion: How Dispersion Creates the Opportunity to Express Skill2020 · Counterpoint Global — with Dan Callahan
- BIN There, Done That: How to Reduce the Sources of Forecasting Error2020 · Counterpoint Global — with Dan Callahan
- Looking for Easy Games in Bonds2019 · Blue Mountain
- Who Is On the Other Side? You Need Good BAIT to Land a Winner2019 · Blue Mountain
- What Does an EV/EBITDA Multiple Mean?2018 · Blue Mountain
- Procyclicality and Its Extremes2018 · Blue Mountain
- How Well Do You Compare?2017 · Blue Mountain
- Winning the Easy Game: Skill and the Ability to Extract Value2017 · Credit Suisse
- Assembling a Dream Team: How Gender Diversity Can Strengthen Your Team2017 · Credit Suisse
- Incredible Shrinking Universe of Stocks: Causes & Consequences of Fewer U.S. Equities2017 · Credit Suisse
- To Buy or Not To Buy: A Checklist for Assessing Mergers & Acquisitions2017 · Credit Suisse
- Corporate Longevity: Index Turnover and Corporate Performance2017 · Credit Suisse
- Coming Clean with Energy Cost Curves: An Interview with MIT’s Jessika Trancik2017 · Credit Suisse
- Looking for Easy Games: How Passive Investing Shapes Active Management2017 · Credit Suisse
- Capital Allocation Outside the US: Evidence, Analytical Methods & Assessment Guidance2016 · Credit Suisse
- Measuring the Moat: Assessing the Magnitude and Sustainability of Value Creation2016 · Credit Suisse
- Capital Allocation: Evidence, Analytical Methods, and Assessment Guidance2016 · Credit Suisse
- The Base Rate Book: Integrating the Past to Better Anticipate the Future2016 · Credit Suisse
- Thirty Years: Reflections on the Ten Attributes of Great Investors2016 · Credit Suisse
- Global Industry Profit Pools: Visualizing Value Creation for an Industry2016 · Credit Suisse
- Form Follows Function: Organizational Structure and Investment Results2016 · Credit Suisse
- Operating Leverage: A Framework for Anticipating Changes in Earnings2016 · Credit Suisse
- Thoughts on Dividends and Buybacks: Clearing Up Some Common Misconceptions2016 · Credit Suisse
- The Base Rate Book - Gross Profitability: Integrating the Past to Better Anticipate the Future2016 · Credit Suisse
- What Makes for a Useful Statistic: Not All Numbers Are Created Equal2016 · Credit Suisse
- The Base Rate Book - Sales Growth: Integrating the Past to Better Anticipate the Future_v22016 · Credit Suisse
- Celebrating the Summit: Making an Informed Decision After a Large Price Gain2016 · Credit Suisse
- Corporate Governance and Capital Allocation: The Governing Objective, Corporate Governance and the Two Camps2016 · Credit Suisse
- The Base Rate Book - Earnings Growth: Integrating the Past to Better Anticipate the Future2015 · Credit Suisse
- What’s Going On in Your Brain? Common Investor Biases and Where They Come From2015 · Credit Suisse
- Sharpening Your Forecasting Skills: Foresight Is a Measurable Skill That You Can Cultivate2015 · Credit Suisse
- Total Addressable Market: Methods to Estimate a Company’s Potential Sales2015 · Credit Suisse
- Understanding Skill: A Paradox Plus Qualitative and Quantitative Approaches2015 · Credit Suisse
- Triple Crown Teachings: Three Takeaways from the Quest for the Elusive Feat2015 · Credit Suisse
- Capital Allocation - Updated: Evidence, Analytical Methods, and Assessment Guidance2015 · Credit Suisse
- IQ versus RQ: Differentiating Smarts from Decision-Making Skills2015 · Credit Suisse
- The Base Rate Book - Sales Growth: Integrating the Past to Better Anticipate the Future_v12015 · Credit Suisse
- Min(d)ing the Opportunity: Excess Returns Require the Chance to Apply Skill2015 · Credit Suisse
- Animating Mr. Market: Adopting a Proper Psychological Attitude2015 · Credit Suisse
- Managing the Man Overboard Moment: Making an Informed Decision After a Large Price Drop2015 · Credit Suisse
- Capital Allocation Outside the US: Evidence, Analytical Methods, & Assessment Guidance2015 · Credit Suisse
- A Long Look at Short-Termism: Questioning the Premise2014 · Credit Suisse
- Lessons from Freestyle Chess: Merging Fundamental and Quantitative Analysis2014 · Credit Suisse
- Capital Allocation: Evidence, Analytical Methods, and Assessment Guidance2014 · Credit Suisse
- Calculating Return on Invested Capital: How to Determine ROIC and Address Common Issues2014 · Credit Suisse
- Disbursing Cash to Shareholders: FAQ's about Buybacks and Dividends2014 · Credit Suisse
- Why Corporate Longevity Matters: What Index Turnover Tells Us about Corporate Results2014 · Credit Suisse
- Methods to Improve Decisions: Five Common Mistakes and How to Address Them2014 · Credit Suisse
- What Does a Price-Earnings Multiple Mean? An Analytical Bridge between P/Es and Solid Economics2014 · Credit Suisse
- Building an Effective Team: How to Manage a Team to Make Good Decisions2014 · Credit Suisse
- Economic Returns, Reversion to the Mean, and Total Shareholder Returns: Anticipating Change Is Hard but Profitable2013 · Credit Suisse
- Outcome Bias and the Interpreter: How Our Minds Confuse Skill and Luck2013 · Credit Suisse
- Estimating the Cost of Capital: A Practical Guide to Assessing Opportunity Cost2013 · Credit Suisse
- How to Model Reversion to the Mean: Determining How Fast, and to What Mean, Results Revert2013 · Credit Suisse
- Measuring the Moat: Assessing the Magnitude and Sustainability of Value Creation2013 · Credit Suisse
- Alpha and the Paradox of Skill: Results Reflect Your Skill and the Game You Are Playing2013 · Credit Suisse
- Cultivating Your Judgment Skills: A Framework for Improving the Quality of Decisions2013 · Credit Suisse
- The Importance of Expectations: The Question that Bears Repeating: What’s Priced in?2012 · Legg Mason
- Share Repurchase from All Angles: Assessing Buybacks, No Matter Where You Sit2012 · Legg Mason
- Seeking Portfolio Manager Skill: Active Share and Tracking Error as a Means to Anticipate Alpha2012 · Legg Mason
- The Coffee Can Approach: Why Doing Less Can Leave You with More2011 · Legg Mason
- Blaming the Rat: Incentives, Motivation, and How They Interact2011 · Legg Mason
- Untangling Skill and Luck: How to Think About Outcomes - Past, Present, and Future2010 · Legg Mason
- It's All about Managing for Value2010 · Legg Mason
- The Colonel Blotto Game: Transitivity and How to Win When You’re an Underdog2010 · Legg Mason
- Surge in the Urge to Merge: M&A: Trends and Analysis2010 · Legg Mason
- Long-Term Investing: How I Learned to Stop Worrying and Ignore Volatility2008 · Legg Mason
- ROIC Patterns and Shareholder Returns: Sorting Fundamentals and Expectations2008 · Legg Mason
- Fat Tails and Nonlinearity: Diversity Breakdowns and Invisible Vulnerability2007 · Legg Mason
- Death, Taxes, and Reversion to the Mean: ROIC Patterns: Luck, Persistence, and What to Do About It2007 · Legg Mason
- Was Harry Potter Inevitable? Cumulative Advantage, Counterfactuals, and the Halo Effect2007 · Legg Mason
- Turtles in Omaha: The Mindset of Great Investors2007 · Legg Mason
- Explaining the Wisdom of Crowds: Applying the Logic of Diversity2007 · Legg Mason
- Importance of Diverse Thinking: Why the Santa Fe Institute Can Make You a Better Investor2007 · Legg Mason
- Interdisciplinary Perspectives on Risk2006 · Legg Mason
- Long-Term Investing in a Short-Term World: How Psychology and Incentives Shape the Investment Industry2006 · Legg Mason
- Common Errors in DCF Models: Do You Use Economically Sound & Transparent Models?2006 · Legg Mason
- Size Matters: The Kelly Criterion and the Importance of Money Management2006 · Legg Mason
- Clear Thinking about Share Repurchase: Capital Allocation, Dividends & Share Repurchase2006 · Legg Mason
- Are You an Expert? Experts and Markets2005 · Legg Mason
- Aver and Aversion: What Two Recent Experiments Mean for Investors2005 · Legg Mason
- The Ecosystem Edge2005 · Legg Mason
- Capital Ideas Revisited - Part 2: Thoughts on Beating a Mostly-Efficient Stock Market2005 · Legg Mason
- Capital Ideas Revisited: The Prime Directive, Sharks, and The Wisdom of Crowds2005 · Legg Mason
- Contrarian Investing: The Psychology of Going Against the Crowd2005 · Legg Mason
- M&M on Valuation2005 · Legg Mason
- The Economics of Customer Businesses2004 · Legg Mason
- Exploring Network Economics2004 · Legg Mason
- Employee Stock Options: Theory and Practice2004 · Legg Mason
- The Life of Game: Sports, Stats, and the Lessons they Teach Us2004 · Legg Mason
- Decision-Making for Investors: Theory, Practice, and Pitfalls2004 · Legg Mason
- I’ve Fallen and I Can’t Get Up: Mean Reversion and Turnarounds2004 · CS First Boston
- Mine Your Mind: Neuroscience and Investing2003 · CS First Boston
- The Pyramid of Numbers: Firm Size, Growth Rates, and Valuation2003 · CS First Boston
- All I Really Need to Know I Learned at a Tupperware Party: What Tupperware Parties Teach You about Investing and Life2003 · CS First Boston
- Integrating the Outliers: Two Lessons from the St. Petersburg Paradox2003 · CS First Boston
- Measuring the Moat: Assessing the Magnitude and Sustainability of Value Creation2002 · CS First Boston
- The Janitor’s Dream: Why Listening to Individuals Can be Hazardous to Your Wealth2002 · CS First Boston
- Great (Growth) Expectations: On the Limits of Corporate Growth2002 · CS First Boston
- A Tail of Two Worlds: Fat Tails and Investing2002 · CS First Boston
- A Process for Outperformance: Thoughts on Organizing for Investing Success2002 · CS First Boston
- The Babe Ruth Effect: Frequency versus Magnitude2002 · CS First Boston
- Ruminations on Risk: Beta Versus Margin of Safety2001 · CS First Boston
- Diffusion Confusion: The Rising Role of the Replacement Cycle2001 · CS First Boston
- Where’s the Bar? Introducing Market-Expected Return on Investment (MEROI)2001 · CS First Boston
- Thoughts On Valuation II: An Epistemological View2001 · CS First Boston
- Fill and Kill: Succeeding with Survivors is Nothing New2001 · CS First Boston
- Nasdaq Blues and Clues - Part II: Expectations Analysis for the Nasdaq 1002001 · CS First Boston
- Wanna Be GE: Creating Value Through Business Category Evolution2001 · CS First Boston
- Innovation and Markets: How Innovation Affects the Investing Process2000 · CS First Boston
- Nasdaq Blues and Clues: Expectations Analysis for the Nasdaq 1002000 · CS First Boston
- It's the Ecology, Stupid: How Breakdowns in Market Diversity Can Lead to Volatility2000 · CS First Boston
- Still Powerful: The Internet’s Hidden Order2000 · CS First Boston
- Network to Net Worth: Exploring Network Dynamics2000 · CS First Boston
- Counting What Counts: Cash Flow as a Universal Language2000 · CS First Boston
- Absolute Power: The Internet’s Hidden Order1999 · CS First Boston
- The Triumph of Bits: Mental Models for Successful Investment1999 · CS First Boston
- Atoms, Bits, and Cash: The ABCs of Investing in the New Economy1999 · CS First Boston
- The Retailer's Dilemma: Revenge of the Nerds: How the New Value Network Challenges Incumbents1999 · CS First Boston
- Get Real: Using Real Options in Security Analysis1999 · CS First Boston
- Value Explosion: Exploring Barriers to Entry for Internet Companies1999 · CS First Boston
- Cash Flow.com: Cash Economics in the New Economy1999 · CS First Boston
- The (Fat) Tail that Wags the Dog: Demystifying the Stock Market’s Performance1999 · CS First Boston
- Rational Exuberance? Is There Method behind the Madness in Internet Stock Valuations?1999 · CS First Boston
- The Invisible Lead Steer: New Answers to Old Questions About the Stock Market1998 · CS First Boston
- On The Shoulders of Giants: Mental Models for the New Millenium1998 · CS First Boston
- A Piece of the Action: Employee Stock Options in the New Economy1998 · CS First Boston
- Why Strategy Matters: Exploring the link between strategy, competitive advantage and the stock market1998 · CS First Boston
- To Buy or Not to Buy: Issues and Considerations Surrounding Share Repurchase1998 · CS First Boston
- Let’s Make a Deal: A Practical Framework for Assessing M&A Activity1998 · CS First Boston
- Thoughts on Valuation1997 · CS First Boston
- Shift Happens: On a New Paradigm of the Markets as a Complex Adaptive System1997 · CS First Boston
- What Have You Learned in the Past 2 Seconds?1997 · CS First Boston
- Competitive Advantage Period “CAP” - The Neglected Value Driver1997 · CS First Boston
- Plus Ça Change, Plus C’est Pareil: The More Things Change, the More They Stay the Same1995 · CS First Boston
Articles and essays 33
- Consilient Observer / Counterpoint Global Insights (research series index)Morgan Stanley Investment Management, 2026
- Competitive Advantage Period: The Neglected Value DriverMorgan Stanley Counterpoint Global Insights, 2026
- 2016 Thought Leader Forum: What Being Wrong Can Teach You About Being RightCredit Suisse Thought Leader Forum, 2016
- 2015 Thought Leader Forum: Attention - Pay Now or Pay LaterCredit Suisse Thought Leader Forum, 2015
- 2014 Thought Leader Forum: Art and Science of PredictionCredit Suisse Thought Leader Forum, 2014
- The Rise of Business NetworksPresentation, 2014
- A Discussion of Corporate Investment and Payout PolicyAcademic journal, 2014
- Understanding the Role of Luck in Our LivesArticle, 2013
- The True Measures of SuccessHarvard Business Review, 2012
- The Paradox of Skill: Why Greater Skill Leads to More LuckPresentation, 2012
- When Investing - What Matters More Skills or Luck?Article, 2012
- The Success Equation - Introduction (The Sources of Success)Book excerpt, 2012
- The True Measures Of Success: Most companies use the wrong performance metrics. Don’t be one of them.Magazine, 2012
- The Facts of LuckArticle, 2012
- Embracing ComplexityMagazine, 2011
- Think Twice - Ch. 1 (The Outside View: Why Big Brown Was a Bad Bet)Book chapter, 2009
- Decision Making for InvestorsPresentation, 2008
- The Sociology of MarketsBook excerpt, 2008
- The Wisdom and Whims of the CollectiveMagazine, 2007
- Anatomy Of A Market CrashArticle, 2007
- Getting Out of Embed: The Role of Social Context in Decision MakingPresentation, 2006
- Expectations Investing: Taking Advantage of a Short-Term WorldPresentation, 2006
- More Than You Know - Ch. 1 (Be the House: Process and Outcome in Investing)Book chapter, 2006
- Expectations Investing: Reading Stock Prices for Better ReturnsPresentation, 2005
- Attributes of a Good Investment Process: The Critical Role of Decision MakingPresentation, 2005
- Revisiting Market Efficiency: The Stock Market as a Complex Adaptive SystemAcademic journal, 2005
- How The Market “Gets It”: Why It’s So Hard to Beat the MarketPresentation, 2003
- Valuation: An Epistemological ViewAcademic journal, 2002
- The New Economy: Mental Models for Market OutperformancePresentation, 2001
- Does It Pay to Be an Active InvestorBook bonus chapter, 2001
- Pitfalls to AvoidBook bonus chapter, 2001
- The Trouble with Earnings and Price/Earnings MultiplesBook bonus chapter, 2001
- Columbia Business School: Security Analysis - Student Lecture NotesColumbia Business School, 2000
Blog
Michael Mauboussin - Writing (complete archive, 1995-present)
Books they recommend 53
Mauboussin is one of the heaviest citers of outside research in finance and recommends books constantly in his research notes and on podcasts, mostly on decision-making, probability and complexity.
Books Mauboussin has recommended in research notes and interviews 27
Decision Making 4
Science 4
Psychology and Behaviour 3
Business and Management 3
Financial History 2
Mathematics and Statistics 2
Medicine and Biology 1
Health and Fitness 1
Finance and Markets 1
General History 1
Company Histories 1
Sociology and Culture 1
Negotiation and Persuasion 1
Entrepreneurship and Startups 1
Sport 1
The Tim Ferriss Show #659 — official transcript 4
Business and Management 1
Alfred Rappaport
“I read that book and the light bulbs all went off for me personally.”
Economics 1
Philip Mirowski
“there's a wonderful book called More Heat Than Light by a professor named Phil Mirowski, which documents how economists mapped over equations from Newtonian physics”
Parenting and Family 1
Judith Rich Harris
“the one thing that I found to be really interesting, and to some degree liberating, is the work of Judith Rich Harris”
Medicine and Biology 1
Robert M. Sapolsky
“it's a wonderful title and it's a wonderful book about the idea of stress”
Book recommendations listed on their Good Books profile 3
Business and Management 1
Leadership 1
Sales and Marketing 1
MOI Global interview with Michael Mauboussin 2
Science 1
Edward O. Wilson
“I was inspired by E. O. Wilson's book Consilience, which came out in 1998 and is a book I'd recommend.”
Investing 1
Charles T. Munger, Peter D. Kaufman
“Poor Charlie's Almanack, which is a great read and something that every serious investor should go back to read periodically.”
Capital Ideas Revisited (Legg Mason Capital Management) 2
Finance and Markets 1
Andrei Shleifer
“In his excellent book, Inefficient Markets, Andrei Shleifer describes the three arguments that comprise the theoretical foundation for market efficiency.”
Science 1
Thomas D. Seeley
“As Thomas Seeley writes in his delightful book, The Wisdom of the Hive”
The Wisdom and Whims of the Collective (Legg Mason Capital Management) 1
Finance and Markets 1
Donald MacKenzie
“his book An Engine Not a Camera (which I would highly recommend if you are interested in these topics)”
Lessons from Freestyle Chess: Merging Fundamental and Quantitative Analysis (Credit Suisse) 1
Economics 1
Tyler Cowen
“Tyler Cowen... dedicates a chapter to freestyle chess in his terrific book, Average Is Over.”
Plus Ca Change, Plus C'est Pareil (CS First Boston, Value-Based Strategy) 1
Biography and Memoir 1
Roger Lowenstein
“In Roger Lowenstein's excellent book on Warren Buffett, the author recounts the exchange between Buffett and the newly appointed president of Berkshire Hathaway”
Increasing Returns: Identifying Forms of Increasing Returns and What Drives Them (Consilient Observer) 1
Economics 1
Joseph E. Stiglitz, Bruce C. Greenwald
“For a wonderful book that builds on Arrow's research, see Joseph E. Stiglitz and Bruce C. Greenwald, Creating A Learning Society”
Blaming the Rat: Incentives, Motivation, and How They Interact (Legg Mason Capital Management) 1
Psychology and Behaviour 1
Thirty Years: Reflections on the Ten Attributes of Great Investors (Credit Suisse) 1
Accounting 1
Howard M. Schilit, Jeremy Perler
“Some of my favorites include Howard M. Schilit and Jeremy Perler, Financial Shenanigans”
The Babe Ruth Effect: Frequency versus Magnitude (Credit Suisse First Boston) 1
Decision Making 1
Nassim Nicholas Taleb
“In his wonderful book, Fooled by Randomness, Nassim Taleb relates an anecdote that beautifully drives home the expected value message.”
Network to Net Worth: Exploring Network Dynamics (CS First Boston) 1
Business and Management 1
Geoffrey A. Moore
“Moore's forthcoming book, Living on the Fault Line... is terrific and highly recommended.”
New Business Boom and Bust: How Capitalism Experiments (Consilient Observer, Counterpoint Global) 1
Financial History 1
Carlota Perez
“Perhaps the best book on the topic is Carlota Perez, Technological Revolutions and Financial Capital”
Methods to Improve Decisions: Five Common Mistakes and How to Address Them (Credit Suisse) 1
Medicine and Biology 1
Atul Gawande
“In his wonderful book, The Checklist Manifesto, Atul Gawande... explains the value of using a checklist to improve outcomes”
Was Harry Potter Inevitable? Cumulative Advantage, Counterfactuals, and the Halo Effect (Legg Mason) 1
Business and Management 1
Phil Rosenzweig
“Phil Rosenzweig's must-read book, The Halo Effect, shows this idea is alive and well in the business world.”
The Economics of Customer Businesses (Legg Mason Capital Management) 1
Business and Management 1
Frederick F. Reichheld, Thomas Teal
“In his seminal book, The Loyalty Effect, Fred Reichheld shows that a 5 percentage point improvement in retention rate”
Contrarian Investing: The Psychology of Going Against the Crowd (Legg Mason Capital Management) 1
Decision Making 1
James Surowiecki
“Jim Surowiecki deftly articulated this line of thinking in his delightful book, The Wisdom of Crowds.”
Farnam Street: Michael Mauboussin, Interview No. 4 1
Psychology and Behaviour 1
Daniel Kahneman
“That this is the opus of the man who is likely the greatest living psychologist is reason alone to read it.”
The Invisible Lead Steer: New Answers to Old Questions About the Stock Market (CS First Boston) 1
Science 1
Mitchel Resnick
“The first challenge to the centralized mindset comes from a delightful book by MIT Professor Mitchel Resnick, "Turtles, Termites, and Traffic Jams."”