More Than You Know
Mauboussin applies insights from complex adaptive systems, behavioral finance, statistics, and decision science to investing. Process vs. outcome, base rates, reversion to the mean, and luck vs. skill — among the most intellectually stimulating chapters in investment literature. His emphasis on asking 'what is the base rate?' before analyzing any specific situation is a permanent upgrade to your thinking.
Thirty-some recycled newsletter columns, each introducing a concept (ant colonies, power laws, the St. Petersburg paradox) and stopping right where application would begin. Breadth is the product; depth is on backorder. You finish holding a drawer of loose mental models with no assembly instructions, an odd outcome for a book preaching the primacy of process.
The case for it and the rest of the canon open with Pro.
