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Robert G Hagstrom Publisher: Columbia Business School Pub. Second edition View all editions and formats Summary: This updated second edition explores basic and fundamental investing concepts in a range of fields outside of economics, including physics, biology, sociology, psychology, philosophy, and literature.
It discusses how the theory of evolution disrupts the notion of the efficient market and how reading strategies for literature can be gainfully applied to investing research. Building on Charlie Munger's famous 'latticework of mental models' concept, the book argues that it is impossible to make good investment decisions based solely on a strong knowledge of finance theory alone.
Allow this favorite library to be seen by others Keep this favorite library private. Find a copy in the library Finding libraries that hold this item He reinforces his concepts with additional data and a new chapter on mathematics, and updates his text throughout to reflect the developments of the past decade, particularly the seismic economic upheaval of He has also added a hundred new titles to the invaluable reading list concluding the book.
Praise for the first edition: I could not put it down. Bernstein, author of Against the Gods: The Remarkable Story of Risk "Elegant and irresistible. Hagstrom makes the complex clear as he confidently crisscrosses through the disciplines of finance, biology, physics, and literature.
The only way to understand investing better, [Investing] shows, is to understand the world better. Ideas spark off the page at every turn. This is simply a gem of a book.
Investing: The Last Liberal Art
User Account Log in Register Help. My Content 1 Recently viewed 1 Investing: The Last Liberal Art. January Copyright year: Being intimately familiar with the Buffett and Munger worldly views via several previous books The Warren Buffett Way as the standout , he also works at Legg Mason Investments whose collaboration with the Mungeresque multi-disciplinary Santa Fe Research Institute, gives him a continuous and re-enforcing education on the topic.
But then how is the world of economics and finance related to physics, biology and philosophy et al? For starters, what is supply and demand if not the physics law of equilibrium at work? The chapter on physics overall is a gem, where I personally am most intrigued by the importance of the cumulative nature of human knowledge — a backbone of the latticework model. Nature does not make leaps. Great companies in good industries tend to stay that way, an obvious early-age Munger- realization. In one of the more intricate twists of irony, Sir Isaac Newton himself was made poster boy for another important piece of the latticework puzzle; sociology, via the infamous South Sea Company mania.
The key separator of course is societies needing to be diverse and independent i. And the rewards are awesome. It makes you better able to serve others and I have read a few books and blogs on mental models and applying those to decisions, but this is the first book that helped me understand them on a deeper level.
I hit somewhat of an obstacle with applying mental models in my life which is what led me to this book. Prior to reading the book I could understand a concept model , and then apply it to a situation, but I didn't know how to apply multiple models, and weigh them independently, in decision making. The models I have read a few books and blogs on mental models and applying those to decisions, but this is the first book that helped me understand them on a deeper level.
The models that Hagstrom provides are the big, basic models from different disciplines. I appreciated that, and he even gives background on the history of the model as well as a short biography when appropriate. As Munger says, it is helpful to understand a person and their life when trying to understand their work. While I will have to put what I have learned into practice to understand the models better and learn to acquire more models, I feel I have made a substantial advancement in understanding mental models. I have a better understanding of applying multiple models, deciding which work best, and also weighing the correctness of a given model in a situation.
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If I was reading it again, I would read the final chapter first before starting with Chapter 1. May 24, Jai Gupta rated it really liked it. The book is interdisciplinary in nature and talks about investing from multiple perspective. The author primarily focuses on the fact that the notion of investing, economics and markets are symbiotically associated with a larger body of human knowledge, yet the forces of this new era compels and demands us to specialise in one particular field. One needs to start on the quest of connections and parallels between Finance and ideas in multiple avenues of knowledge to be able to invest in a more in The book is interdisciplinary in nature and talks about investing from multiple perspective.
One needs to start on the quest of connections and parallels between Finance and ideas in multiple avenues of knowledge to be able to invest in a more incisive, intuitive and astute way. Sir Robert Hagstrom beautifully builds upon the hypothesis that investment strategies derives its inherent nature from the discipline of varied fields like Physics, Biology, Philosophy, Social Sciences, Psychology and Literature and proves them with brilliant analogy. All in all, if you want to read about investing from a broader perspective, I'd recommend this book.
Nov 07, Sandy Salzinger rated it liked it.
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Not being an investing pro I guess what one could get out of this book is a kick in the pants to make the effort to study the Great Books. He does add the St Johns reading list One of the few universities that specializes in a traditional Great Books education at the end which is useful, I guess. Oct 08, Massgreen rated it it was amazing. Opening one's mind to absorb knowledge from multiple disciplines and linking them together so that they enforce each other to gain a better understanding of the world helps not only in investing but in many other aspects in life.
Well written book, chapters are well connected, I have learned a great many of ideas from different disciplines in this books that I would now have to go and study the original work by respective authors. I really love the main concept behind this book, which is that having a broad knowledge in several fields can help improve every aspect of one's life through the combination of ideas. Then the author tries giving an overview of some really important fields although I didn't think those can do much except provoke an interest in the reader to dive deeper into those topics; because the overviews themselves are not enough.
Overall, this is a good book. This book is an excellent tool, not only for investors, but anyone interested in broadening their scope of general knowledge.
Investing: The Last Liberal Art
Since, this book is based on the conceptual ideology of bringing the various fields of academia together into a whole - the lesson basically teaches investors to use knowledge from every aspect of varied educations in order to make more informed market decisions.
Well, I have been greatly inspired by this, and brought away a broader understanding of summarized, general in This book is an excellent tool, not only for investors, but anyone interested in broadening their scope of general knowledge. Well, I have been greatly inspired by this, and brought away a broader understanding of summarized, general intelligence! Makes me wish I had been a financier!
Investing : the last liberal art
In order to survive in an unpredictable world that we are living in today, one must be equipped with worldly wisdom. A heavy duty book especially if you do not have science background. Mar 18, Russ rated it liked it. Interesting take on both investing and college education. After reading, I'd recommend reading the last 2 chapters first.
Then, if intrigued, go back and read from the beginning. The author's premise is that the liberal arts degree was meant to expand our thinking not focus it in one limited area. I concur his his assessment. He spends a chapter on various liberal art topics - physics, biology, social sciences, psychology, philosophy and literature. He weaves his investment philosophy through ea Interesting take on both investing and college education. He weaves his investment philosophy through each topic.
The general idea is that exposure to more than one discipline will give us a latticework of mental models which can be applied to our investing. Whether you're a professional investor or individual investor, there is merit in having a broader world view married to a formal system of critical analysis and decision making. Hagstrom is not providing investment advice. However, the book is worthwhile in its message of increasing understanding of subjects as opposed to fact gathering.
Oct 01, Tarin Bansal rated it it was ok Shelves: This book is basically a collection of summaries from various other authors like Taleb, Kahneman, Pabrai, Munger, Yuval Noah Harari etc. Good value add if this is among the first investment related books you pick, not so much otherwise. Brilliant concept of applying major principles from diverse disciplines. This book changed the way I see and interact with the world. Jul 20, Rahimul rated it liked it Shelves: I agree with the overarching theme: However, there is more form than substance.
On mental models as it relates to value investing. Good multidisciplinary approach to the topic. May 29, Brad rated it liked it Shelves: This review has been hidden because it contains spoilers. To view it, click here. Aug 21, Gaurav Singh Kopite rated it it was amazing Shelves: