The Investing Mind Pre-order

A new book from Michael J. Mauboussin

The Investing Mind

A guide to the principles and processes of successful investing. Renowned investment strategist Michael J. Mauboussin reveals the ten most important attributes of successful investors.

Pre-order → Roll the snowball ↓

Hardcover · Harriman House · Pre-order price guarantee

The Investing Mind book cover

What people are saying

“Michael Mauboussin is the great fox of modern markets—and the clearest thinker anywhere on skill, luck, and decisions.”

Philip E. TetlockPenn Integrates Knowledge Professor, School of Arts and Sciences & Wharton

“If you are curious how the greatest investors ‘think differently’ than everyone else, this book is a must read.”

Bill GurleyFounder and President, P3 Institute, and author, Runnin’ Down a Dream

“Successful investors follow intellectually sound and repeatable processes that become their North Star. Time spent reading this book may help you find yours.”

Seth KlarmanCEO and Portfolio Manager, The Baupost Group

“The product of a union between Benjamin Graham’s The Intelligent Investor and a compendium of Warren Buffett’s letters.”

Richard ZeckhauserFrank P. Ramsey Professor of Political Economy, Harvard University

“I love the way Michael Mauboussin thinks. This book distills 40 years of investing experience into a few hundred pages.”

Barry RitholtzChairman and CIO, Ritholtz Wealth Management

“A superb combination of delightfully easy reading and great expertise.”

Charles D. EllisFounder, Greenwich Associates

“Michael Mauboussin is one of the leading observers of market behavior and the human element behind it.”

Howard MarksCo-founder and Co-chairman, Oaktree Capital Management

“A masterclass in making better decisions under uncertainty.”

Alex EdmansProfessor of Finance, London Business School, and author, Madness of Markets

“In The Investing Mind, Michael Mauboussin turns decades of insight into a practical operating system for thinking probabilistically, beating back bias, and knowing the game you are playing.”

Annie DukeAuthor, Thinking in Bets, How to Decide, and Quit

“Michael Mauboussin presents a comprehensive and uniquely clear set of guides for improving investment performance.”

Alfred RappaportAuthor, Creating Shareholder Value

About the book

Not what to think.
How to think well.

Michael Mauboussin has spent 40 years on Wall Street and more than three decades teaching investment analysis at Columbia Business School. In that time, he has met, worked with, taught and studied many great investors.

Now, for the first time, he brings that wealth of experience together and answers the question: what are the qualities that lead to success in financial markets? As Mauboussin shows, this is not about what investors should think. It is about how investors can think well.

In The Investing Mind, Mauboussin discusses the importance of practical abilities such as numeracy, capital allocation and balancing risk versus reward, as well as behavioral qualities including assessing strategy, understanding your own bias, and maintaining an open mind.

In an increasingly competitive investment landscape, The Investing Mind provides actionable insights for investors. It is a must-read for anyone who makes decisions under conditions of uncertainty, including investors everywhere.

You’ll learn

01

Think probabilistically

How and why investors need to think probabilistically when the future refuses to sit still.

02

Always ask, “Compared to what?”

Every judgment of value, skill, or performance only means something against the right benchmark.

03

Play to your strengths

How to play to your strengths and avoid playing the wrong games.

04

And much, much more

Actionable insights for anyone who makes decisions under conditions of uncertainty.

From the book

The Snowball Effect

“Life is like a snowball. The important thing is finding wet snow and a really long hill.”

Warren Buffett

Pack a snowball, pick your snow and your hill, and let it roll. It grows slowly at first. Then all at once.

diameter
20 cm
how well it packs
40%
fresh powder
4 cm
grade
20°
the long hill
140 m
If it keeps rolling Ø 1.21 m · 315 kg

Pack the snow, set the hill, and let it roll.

About the author

Michael J.
Mauboussin

Michael J. Mauboussin is one of the most respected voices in investing, a strategist known for bridging the worlds of finance, psychology, and complex systems.

He has spent 40 years on Wall Street and has taught investment analysis at Columbia Business School for more than three decades, where generations of investors have passed through his security analysis course. He is Head of Consilient Research at Counterpoint Global, Morgan Stanley Investment Management.

His previous books include Expectations Investing (with Alfred Rappaport), More Than You Know, Think Twice, and The Success Equation. These works have shaped how a generation of professionals think about skill, luck, and markets.

The research behind the book

Bibliography

The complete bibliography of The Investing Mind — 606 works cited in the book.

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Along the journey

Further reading

Books that shaped the ideas behind The Investing Mind, by the decade they appeared. Not all of them made it into the book, but they are worth a look.

1980s

  • Michael E. Porter, Competitive Strategy: Techniques for Analyzing Industries and CompetitorsFree Press · 1980
  • Robert Cialdini, Influence: The Psychology of PersuasionWilliam Morrow · 1984
  • Michael E. Porter, Competitive Advantage: Creating and Sustaining Superior PerformanceFree Press · 1985
  • Alfred Rappaport, Creating Shareholder Value: The New Standard for Business PerformanceFree Press · 1986
  • Richard Dawkins, The Blind WatchmakerW. W. Norton & Company · 1986
  • Max H. Bazerman, Judgment in Managerial Decision MakingJohn Wiley & Sons · 1986

1990s

  • Michael Rothschild, Bionomics: Economy as EcosystemHenry Holt · 1990
  • Tom Copeland, Tim Koller, and Jack Murrin, Valuation: Measuring and Managing the Value of CompaniesJohn Wiley & Sons · 1990
  • G. Bennett Stewart III, The Quest for Value: A Guide for Senior ManagersHarper Business · 1991
  • Peter Bernstein, Capital Ideas: The Improbable Origins of Modern Wall StreetJohn Wiley & Sons · 1992
  • M. Mitchel Waldrop, Complexity: The Emerging Science at the Edge of Order and ChaosSimon & Schuster · 1992
  • Kevin Kelly, Out of Control: The Rise of Neo-Biological CivilizationAddison Wesley · 1994
  • Daniel C. Dennett, Darwin’s Dangerous Idea: Evolution and the Meanings of LifeSimon & Schuster · 1995
  • Peter Bernstein, Against the Gods: The Remarkable Story of RiskJohn Wiley & Sons · 1996
  • Steven Pinker, How the Mind WorksW. W. Norton & Company · 1997
  • E. O. Wilson, Consilience: The Unity of KnowledgeAlfred A. Knopf · 1998
  • Carl Shapiro and Hal R. Varian, Information Rules: A Strategic Guide to the Network EconomyHarvard Business School Press · 1999

2000s

  • Michael Lewis, Moneyball: The Art of Winning an Unfair GameW. W. Norton · 2003
  • James Surowiecki, The Wisdom of CrowdsRandom House · 2004
  • Eric D. Beinhocker, The Origin of Wealth: Evolution, Complexity, and the Radical Remaking of EconomicsHarvard Business School Press · 2006
  • Daniel Kahneman, Thinking, Fast and SlowFarrar, Straus and Giroux · 2011
  • Philip E. Tetlock and Dan Gardner, Superforecasting: The Art and Science of PredictionCrown Publishers · 2015