10½ Lessons from Experience

Contributor(s): Sir Paul Marshall | Join us for this conversation between Minouche Shafik and Paul Marshall on his latest book, 10½ Lessons from Experience: Perspectives on Fund Management. In his book Paul Marshall, founder of LSE’s Marshall Institute distils the experience of 35 years of investing, including over 20 years at Marshall Wace, the global equity hedge fund partnership. The book 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. What do we know about finance in theory that’s wrong in practice? What do we do when investing in practice that’s wrong in theory? Paul Marshall debates these questions with Minouche Shafik, and tries to find a point at which theory and practice are in equilibrium. Paul Marshall is CIO and Chairman of Marshall Wace LLP, a global hedge fund headquartered in London, with $48bn in AUM. As CIO he has overall responsibility for investment strategy and performance. He is a founding Trustee of Ark, the children’s charity, and Chairman of Ark Schools, which manages 39 primary and secondary academies in London, Birmingham, Hastings and Portsmouth. Marshall served as Lead-Non-Executive Director at the UK Department for Education from 2013 to 2016. In April 2015, he co-founded the Marshall Institute for Philanthropy and Social Entrepreneurship at LSE. He is founder and owner of UnHerd Media. He was co-editor of The Orange Book, editor of The Tail and author of 10 ½ lessons from Experience. Marshall was knighted in Her Majesty’s Birthday Honours’ list in June 2016 for services to education and philanthropy He holds an MBA from INSEAD Business School and a BA (Hons) from St John’s College, Oxford University. You can order the book, 10½ Lessons from Experience: Perspectives on Fund Management, (UK delivery only) from our official LSE Events independent book shop, Pages of Hackney. Minouche Shafik is Director of the London School of Economics and Political Science. Prior to this she was Deputy Governor of the Bank of England. The Marshall Institute (@LSEMarshall) works to improve the impact and effectiveness of private action for public benefit through research, teaching and convening. Twitter Hashtag for this event: #LSEMarshall