A detailed guide to overcoming the most frequently encountered
psychological pitfalls of investing
Bias, emotion, and overconfidence are just three of the many
behavioral traits that can lead investors to lose money or achieve
lower returns. Behavioral finance, which recognizes that there is a
psychological element to all investor decision-making, can help you
overcome this obstacle.
In The Little Book of Behavioral Investing, expert James
Montier takes you through some of the most important behavioral
challenges faced by investors. Montier reveals the most common
psychological barriers, clearly showing how emotion,
overconfidence, and a multitude of other behavioral traits, can
affect investment decision-making.
* Offers time-tested ways to identify and avoid the pitfalls of
investor bias
* Author James Montier is one of the world’s foremost behavioral
analysts
* Discusses how to learn from our investment mistakes instead of
repeating them
* Explores the behavioral principles that will allow you to
maintain a successful investment portfolio
Written in a straightforward and accessible style, The Little
Book of Behavioral Investing will enable you to identify and
eliminate behavioral traits that can hinder your investment
endeavors and show you how to go about achieving superior returns
in the process.
Praise for The Little Book Of Behavioral
Investing
‘The Little Book of Behavioral Investing is an important
book for anyone who is interested in understanding the ways that
human nature and financial markets interact.’
—Dan Ariely, James B. Duke Professor of Behavioral
Economics, Duke University, and author of Predictably
Irrational
‘In investing, success means¿being on the right side of
most trades. No book provides a better starting point toward that
goal than this one.’
—Bruce Greenwald, Robert Heilbrunn Professor of Finance
and Asset Management, Columbia Business School
»Know thyself.’ Overcoming human instinct is key to becoming a
better investor.¿ You would be irrational if you did not read
this book.’
—Edward Bonham-Carter, Chief Executive and Chief
Investment Officer, Jupiter Asset Management
‘There is not an investor anywhere who wouldn’t profit from
reading this book.’
—Jeff Hochman, Director of Technical Strategy, Fidelity
Investment Services Limited
‘James Montier gives us a very accessible version of why we as
investors are so predictably irrational, and a guide to help us
channel our ‘Inner Spock’ to make better investment decisions.
Bravo!’
—John Mauldin, President, Millennium Wave
Investments
Содержание
Foreword xi
Introduction This Is a Book About You 1
Chapter One In the Heat of the Moment 15
Chapter Two Who’s Afraid of the Big Bad Market? 21
Chapter Three Always Look on the Bright Side of Life 31
Chapter Four Why Does Anyone Listen to These Guys? 41
Chapter Five The Folly of Forecasting 57
Chapter Six Information Overload 73
Chapter Seven Turn off That Bubblevision! 87
Chapter Eight See No Evil, Hear No Evil 93
Chapter Nine In the Land of the Perma-Bear and the Perma-Bull 103
Chapter Ten The Siren Song of Stories 117
Chapter Eleven This Time Is Different 129
Chapter Twelve Right for the Wrong Reason, or Wrong for the Right Reason 145
Chapter Thirteen The Perils of ADHD Investing 153
Chapter Fourteen Inside the Mind of a Lemming 167
Chapter Fifteen You Gotta Know When to Fold Them 181
Chapter Sixteen Process, Process, Process 199
Conclusion The Road to Hell Is Paved with Good Intentions 213
Об авторе
James Montier is a member of GMO’s asset allocation team. Prior to that, he was the co-Head of Global Strategy at Société Générale and has been the top-rated strategist in the annual Thomson Extel survey for most of the last decade. Montier is the author of three market-leading books, Behavioral Finance: Insights into Irrational Minds and Markets, Behavioral Investing: A Practitioners Guide to Applying Behavioral Finance, and Value Investing: Tools and Techniques for Intelligent Investment. He is a Visiting Fellow at the University of Durham and a Fellow of the Royal Society of Arts. Montier has been described as a maverick, an iconoclast, and an enfant terrible by the press.
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