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

Portada
John Wiley & Sons, 29 oct 2007 - 736 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
 

Páginas seleccionadas

Índice

Investors as Dopamine Addicts
3
SelfControl is Like a Muscle
11
Part Man Part Monkey
17
Take a Walk on the Wild Side
37
Brain Damage Addicts and Pigeons
47
What Do Secretaries Dustbins and the Da Vinci Code have in Common? 55
55
The Limits to Learning
63
Behaving Badly
79
The Little Note that Beats the Market
337
Improving Returns Using Inside Information
355
Part I
367
Written with Sebastian Lancetti
375
Sectors Value and Momentum
387
SectorRelative Factors Works Best
395
Cheap Countries Outperform
405
CAPM is CRAP or The Dead Parrot Lives A Brief History of Time 425
425

A Behavioural Critique
97
Sin
99
Ignore all Economists Strategists Analysts
105
Why Forecast When the Evidence Shows You Cant?
114
Debasing
120
The Illusion of Knowledge or Is More Information Better Information?
133
Why Waste Your Time Listening to Company Management? Managers are Just as Biased as the Rest of
145
Thinking You Can Outsmart Everyone Else Envy 13 Whos a Pretty Boy Then? Or Beauty Contests Rationality and Greater
153
Fools
161
A Simple Model of Our Contest
168
The Story is The Thing or The Allure of Growth
193
Are Two Heads Better Than One?
209
The Tao of Investing
219
Come Out of the Closet or Show Me the Alpha
225
Strange Brew
235
Contrarian or Conformist?
247
An Ode to Quant
259
The Perfect Value Investor
273
A Blast from the Past
279
On the Importance and Pain of Being a Contrarian
285
On Beta
291
Bargain Hunter or It Offers Me Protection
321
Written with Rui Antunes
329
Risk Managers or Risk Maniacs?
437
Finances Favourite FourLetter Word
445
The Anatomy of a Bubble
455
Alpha Generation
469
A Cynical Bubble
493
The Empirical Evidence
507
Belief Bias and the Zen Investing
521
Dividends Do Matter
529
Dividends Repurchases Earnings and the Coming Slowdown
541
Return of the Robber Barons
549
The Purgatory of Low Returns
563
How Important is the Cycle?
573
Have We Really Learnt So Little?
581
Some Random Musings on Alternative Assets
587
Lesson from Behavioural Finance and for Corporate
599
Conditions that Turn Good People
608
Mechanisms Driving Poor Ethical Behaviour
627
If It Makes You Happy
651
Materialism and the Pursuit of Happiness
655
References
667
Index
677
Scepticism is Rare or Descartes vs Spinoza Cartesian Systems
679
Página de créditos

Otras ediciones - Ver todo

Términos y frases comunes

Sobre el autor (2007)

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.

Información bibliográfica