10½ Lessons from Experience: Perspectives on Fund Management

Paul Marshall makes a compelling case for market irrationality and how to take advantage of it. After an overview of the biases that lead investors to make incorrect decisions, he offers heuristics and advice to those who are looking to become more rational. "Successful investing is anticipating the anticipation of others." He makes the case that money is made when a company is undergoing significant change and investing before such change is becoming apparent to others. And he gets into the dangers of shorting, illiquidity and leverage. Overall, it's a very intelligent book that offers wisdom to amateurs and professional investors alike.

Often times we are so immersed in the details that you miss the big picture (even though you sort of know the big picture into). This book summarizes all the necessary big picture stuff one has to remind self every now and then in investment management world.It is more of essay. The book is not about the story of Marshall Wace or its founders. It is more about what we have you remember to succeed or survive in investment management world.

there were enough nuggets to make it worth the quick read, but insightful / unique information was sparse.felt more like self-aggrandizement written in the hope that equity allocators would read it than a transfer of ideas from a long and storied career in risk/reward assessment. Disappointing.

Its a great pleasure to read insights from market practitioneer. Although some lessons are very basic and simple, however everyone who works in fund maangement or anyhow related to it will understand how powerful they still are.

Paul Marshall writes a short but powerful primer on finance and life. If you ever wanted to understand how to create greatness in a financial organization this book is for you

Easy read, good for beginners. Wont learn much

Analysts pick stocks, great money managers think about their entire portfolio and money management. This book is essential reading if you are a fund manager. Sir Paul Marshall founded and runs Marshall Wace, one of the largest, most successful funds in London. It is a rare opportunity to learn more from one of the masters. I highly recommend the book.In this short but powerful book, he provides the insights he's learned over the years. Successful fund managers have to think about when to let winners run, when to cut shorts, what sort of skill level is needed to pick stocks and how to think about batting vs slugging ratios. All of that is covered. He discusses risk and diversification and how Marshall Wace has achieved good returns, despite its size.While the book is slightly philosophical in places, great traders tend to be philosophical. Would Soros be Soros without reflexivity? Thinking about thinking is perhaps one of the greatest skills of a money manager.

Quality is inversely proportionate to length of the book. The simplicity of the mantras of success might make the reader think it’s simple, but bringing all the factors together (no pun intended) takes a lifetime.

This is a must read book for anyone involved in fund mgmt or equity sales. It gets to the point and is evidence backed with examples. I particularly liked the chapter on human with a machine will beat a machine. Optimistic about the future. Also a humble account that market participants must keep learning and adapting.

In a notoriously secretive industry where "those in the know don't talk, and those who who talk don't know", this is refreshingly honest. No silver bullets or magic dust and no heroic superstars here. For the reality in the industry is more prosaic. But even more surprising and interesting for that, not less!(disclaimer: I worked at MW in the past)

Very disappointed...one would learn more from watching The Big Short

Great book. Concise and to the point of what distinguishes good managers based on experience and what works. This is not a 'how i did it' or even a stock picking manual but a discussion on what are the key factors about running money. Thought provoking.