101/2 Lessons from Experience

In 10½ Lessons from Experience, Paul Marshall distils the experience of 35 years of investing, including over 20 years at Marshall Wace, the global equity hedge fund partnership. 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. But he also underscores the prevalence of uncertainty and human fallibility, showing how a successful investment management business must steer a path which recognises both the persistence of skill and the pitfalls of cognitive bias, human fallibility and hubris.

Paul Marshall is CIO, Chairman and co-founder (with Ian Wace) of Marshall Wace LLP, one of the world's leading hedge funds. Marshall Wace was established in 1997 and has won multiple awards for hedge fund performance. It has offices in London, New York, Hong Kong, Shanghai and Istanbul.