More Than You Know

Good Books: (via Emergic) Michael Mauboussin is chief investment strategist at Legg Mason Capital. His book More Than You Know is a collection of his essays written over the past few years.

Here is what Publisher’s Weekly has to say (via Amazon.com):
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.

You can find some of Mauboussin’s recent essays here.

This is a fascinating book + gem and jewelry professionals + entrepreneurs must read the book for insights because you will meet the same type of characters in the (any) industry.