10½ Lessons from Experience

In 10½ Lessons from Experience, Paul Marshall distills the experience of 35 years of investing, including over 20 years at Marshall Wace. He describes the disconnect between academic theory and market practice, in particular the reality and persistence of skill—the continuing ability of the best practitioners to beat the market. He also underscores the prevalence of uncertainty and human fallibility, showing how a successful investment management business must steer a path that recognizes both the persistence of skill and the pitfalls of cognitive bias, human fallibility, and hubris.