Investing: The Last Liberal Art Paperback – Apr 22 2002
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An extended think piece on the subtle and sometimes imperceptible factors influencing markets sets this book apart from run-of-the-mill publications... -- Book of the Week, The Sunday Times, 19 May 2002
Hagstrom weaves a connection to six disciplines that provide diverse but uniformly important insights in the investment process... -- Financial Analysts Journal, March/April 2002
I read this book in one sitting: I could not put it down. -- Peter L. Bernstein, author of Against the Gods
a brisk and engaging read, and it is a pleasure to be in the presence of Hagstrom's agile mind -- International Herald Tribune, 20 April, 2002
About the Author
Robert G. Hagstrom is Senior Vice President and Director of Legg Mason Focus Capital. He has authored The New York Times bestsellers The Warren Buffett Way and The Warren Buffett Portfolio, as well as The NASCAR Way. He lives in Wayne, PA.
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Top Customer Reviews
The idea of attaining "worldly wisdom" is a huge goal and one can only benefit immensely by trying to attain it--a lifetime project.
This book is not for the average investor however (though they will benefit). It's for those who are already advanced in the investment game and want to achieve the extra edge.
This is also a book for those who would like to be more well rounded in their thinking; it will also appeal to the intellectuals.
This is not really a book about investing, as much as it is a book on how to think better--perhaps it needs to be retitled once more and placed in the self help book category on how to think better and to be a better person.
For those arm chair investors who want a more practical application of worldly wisdom, read Janet Lowe's book on Bill Miller "The man who beats the S&P". It was Miller's "worldly wisdom" attitude that lead to Hal Varian and Brian Arthur who introduced Miller to the notion of increasing returns which allowed Miller to think in a different way than the average investor about...Amazon.com.
The rewards of worldly wisdom are significant!
How does one achieve worldly investment wisdom? Hagstrom believes that it is an ongoing process of acquiring the significant concepts-the models-from many areas of knowledge and then learning to recognize patterns of similarity among them. The first is a matter of educating yourself; the second is a matter of learning to think and see differently. Hagstrom notes that acquiring the knowledge of many disciplines may seem a daunting task. Fortunately, you don't have to become an expert in every field. You merely have to learn the fundamental principles-what Munger calls the big ideas-and learn them so well that they are always with you.
Hagstrom's book is intended as a starting point for this self-education process. He examines a specific discipline-physics, biology, social sciences, psychology, philosophy, and literature-from the perspective of its contribution to a latticework of models. Hagstrom does a great job of explaining the role of complexity theory in understanding financial markets and the evolving global economy.
After you read Hagstrom's book, you will be on your way to achieving worldly investment wisdom.
As well as about being about stock market investing, the book makes a strong case for a more liberal education at University, not only to improve students'job prospects, but also the way they will live their lives (and consequently affect others).
Most recent customer reviews
Un other book which helps you how to think in big picture about investment you newer learn enoughPublished 15 months ago by Brezina Vladimir
Yes, it's a book worth reading for it's liberal arts ideas and a need for well rounded education which has gone out of style. Read morePublished on April 11 2011 by white rhino
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