The financial markets are a rollercoaster and this book follows the
same theme the seduction of money, our ruinous, heady and high
stakes pursuit of it, the incredible fortunes and calamitous losses
that have been made in its name, the new and significant threat of
retail (armchair) investors wanting their piece of the pie, and the
perpetual and foolish mismatch that has always existed and will
always exist between our evolutionary programming and the design of
the financial markets. The dominant theme that runs throughout the
book ('Working out Wall Street') is actually a play on words, and
relates both to the need to work out why Wall Street traders act so
irrationally (e.g. using behavioural finance and evolutionary
design to explain herding and panic selling), and the need to use
physiological and sport science-related approaches to explain why
working out (i.e. adopting exercise and diet-related practices
usually applied to athletes) can significantly counter these
behaviours. The phrase 'animal spirits' utilised in the concluding
chapter title ('Taming Animal Spirits') refers to the seminal work
of John Maynard Keynes in his 1936 classic work The General Theory
of Employment, Interest and Money and the idea that human
emotions-animal spirits- remain a significant driver in (irrational
and emotional) investing. The rationale for this book is clear;
behavioural finance and neurofinance have opened the floodgates in
terms of recognising the role of emotional investing in cyclical
boom-and-bust scenarios but what is still missing is an answer to
the question So what do we do about it? This book seeks, in as
compelling and entertaining a fashion as possible, to provide that
answer.
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