A Powerful New Portfolio-Management Standard for an Investing
World in Disarray
"Three years of losses turn many smart investors with 30-year
horizons into frightened investors with three-year horizons, driven
to poor decisions by cognitive errors and misleading emotions. Greg
B. Davies and Arnaud de Servigny combine great expertise from
research and practice into smart portfolios that overcome cognitive
errors and misleading emotions and drive investors to their long
term goals."
--MEIR STATMAN, Glenn Klimek Professor of Finance, Santa Clara
University, and author of "What Investors Really Want"
"The coming of age of behavioral finance. An important book
which uniquely combines up-to-date knowledge of both behavioral and
quantitative finance to provide practical models grounded on robust
understanding of investors as well as investments."
--SHLOMO BENARTZI, professor and co-chair, Behavioral Decision
Making Group, UCLA Anderson School of Management
"This book is both erudite and profound, and it acutely
addresses the issues, controversies, and received wisdom of our
troubled investment times. To comprehend it requires a considerable
time commitment, but it may be a new investment classic."
--BARTON M. BIGGS, Managing Partner, Traxis Partners
""Behavioral Investment Management" first shows how modern
portfolio theory can be extended to incorporate behavioral biases
in individual decision making, and then demonstrates how this
extended theory can be implemented to make investment decisions in
a world that is very different from that assumed by traditional
portfolio theory. All of this is accomplished in a coherent fashion
with the use of easy-to-understand mathematics and is illustrated
with data for a wide range of asset classes."
--RAMAN UPPAL, professor of finance, EDHEC Business School
About the Book:
The past few years have been dreadful for investment management.
The quantitative analytics that serve as the foundation of modern
finance have proven to be incapable of providing value to
investors. Modern Portfolio Theory now appears desperately
old-fashioned and obsolete for one simple reason--it does not work.
Picking up where traditional quant theory leaves off, "Behavioral
Investment Management" offers a new approach to dynamic investing
that addresses critical realities MPT ignores, including investors'
emotional impact on investing.
Written by leading money managers with expertise in both
quantitative and behavioral finance, this cutting-edge guide shows
institutional investment managers, retail investors, and investment
advisors how to use the latest theories and techniques from the
field of behavioral finance to construct better-performing
portfolios. After systematically deconstructing MPT to illustrate
why it does not work empirically, this one-of-a-kind book presents
a reasonable framework for improving your ability to generate
high-performing portfolios. The applicability and strategic
consequences of this book's approach set a new standard for
portfolio development that will put you far ahead of the industry
curve.
Complete with a new paradigm of best practices in dynamic
portfolio construction that incorporates, and compensates for, the
emotional reactions of investors, this hands-on book shows you how
to: Move away from an idealized market view to a more authentic
perspective Use the provided toolset and strategies to realize
superior performance in real-world markets Seamlessly adapt the new
approaches and techniques into your day-to-day operations
This book helps you gain a distinct advantage by providing micro
and macro implications of applying behavioral science to investing.
In addition to helping you better understand the needs of the
individual investor, it examines the wealth management and pension
fund industries and explains how behavioral science can create
opportunities in these two sectors.
When making your next investment decision, let "Behavioral
Investment Management" help you factor in the biggest financial
variable--the human influence.
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