Behavioural Investing: A Practitioner's Guide to Applying Behavioural Finance

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John Wiley & Sons, 9 oct. 2009 - 728 páginas
Behavioural investing seeks to bridge the gap between psychology and investing. All too many investors are unaware of the mental pitfalls that await them. Even once we are aware of our biases, we must recognise that knowledge does not equal behaviour. The solution lies is designing and adopting an investment process that is at least partially robust to behavioural decision-making errors.

Behavioural Investing: A Practitioner’s Guide to Applying Behavioural Finance explores the biases we face, the way in which they show up in the investment process, and urges readers to adopt an empirically based sceptical approach to investing. This book is unique in combining insights from the field of applied psychology with a through understanding of the investment problem. The content is practitioner focused throughout and will be essential reading for any investment professional looking to improve their investing behaviour to maximise returns. Key features include:

  • The only book to cover the applications of behavioural finance
  • An executive summary for every chapter with key points highlighted at the chapter start
  • Information on the key behavioural biases of professional investors, including The seven sins of fund management, Investment myth busting, and The Tao of investing
  • Practical examples showing how using a psychologically inspired model can improve on standard, common practice valuation tools
  • Written by an internationally renowned expert in the field of behavioural finance
 

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Índice

Title Page
Investors s Dopamine
SELFCONTROL IS LIKE A MUSCLE
IKNOW BETTER BECAUSE I KNOW MORE
Take a Walk on the WildSide IMPACT BIAS EMPATHY GAPS
What do Secretaries Dustbins and the Da Vinci Code have
HEADS IS SKILL TAILS IS BAD LUCK
BehavingBadly THE TEST THE RESULTS OVEROPTIMISM
CAREER DEFENCE AS ANINVESTMENT STRATEGY WHATABOUT THE LONGSHORT VIEW?
Chapter
Part I
Chapter
VALUE PERSPECTIVE GROWTH PERSPECTIVE
IMPLICATIONS
Chapter
STRATEGYBYSTRATEGY

A Behavioural Critique
Chapter
OVERCONFIDENCEASA DRIVEROFPOOR FORECASTING
WHY FORECAST WHEN THE EVIDENCE SHOWS YOU CANT?
WHYUSE FORECASTS?
TheIllusionofKnowledge orIs MoreInformation Better Information?
CONFIRMATORYBIAS
TRUTH OR LIE?
CONCLUSIONS Chapter 13Whosa
THE SOLUTION THE RESULTS A SIMPLE MODEL OF OUR CONTEST
ADHD Time Horizons and Underperformance
TheStoryistheThing or The Allure of Growth
The Tao of Investing
THE EVOLUTION OF THE MUTUAL FUND INDUSTRY
CONCLUSIONS
THE SHORT
Contrarian or Conformist?
THE ANATOMY OF VALUE
ANALYST ACCURACY? VALUE VERSUS GROWTH KEY POINTS REGIONAL TABLES Chapter 27 Better Value orTheDean
THE METHODOLOGY ANDTHE
CAPMisCRAP
Risk Managers or Risk Maniacs?
Finances Favourite FourLetter Word
Chapter
AlphaGeneration BUBBLES INTHE LABORATORY
ACynical Bubble
The Empirical Evidence
BELIEF BIAS AND THE ZEN OF INVESTING
CONCLUSIONS SECTION VIInvestment Myth Busters Chapter 42BeliefBias andtheZen of Investing
Chapter 44 Dividends Repurchases Earnings and the Coming Slowdown
Return of the Robber Barons
ThePurgatoryofLow Returns
Have We Really Learned So Little?
Lesson from Behavioural Finance andfor Corporate Governance
Doing the Right Thing or the Psychology of Ethics
Materialism and the Pursuit of Happiness
References
Index
Página de créditos

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Sobre el autor (2009)

JAMES MONTIER is the global equity strategist at Dresdner Kleinwort in London. He has been the top rated strategist in the annual Extel survey for the last two years. He is also the author of Behavioural Finance, published by Wiley in 2000. James was on the 50 must read analysts list complied by the Business magazine, and was one of the Financial News' Rising Stars.
James is a regular speaker at both academic and practitioner conferences, and is regarded as the leading authority on applying behavioural finance to investment. He is also a visiting fellow at the University of Durham. James is also a fellow of the Royal Society of Arts. He has been described as a maverick by the Sunday Times, an enfant terrible by the FAZ, and a prophet by the Fast Company! When not writing or reading, he can usually be found blowing bubbles at fish and swimming with sharks.

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