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From New York Times and USA Today bestselling author, Dr. Daniel
Crosby-the behavioral finance book all investors have been waiting
for. In The Laws of Wealth, psychologist and behavioral finance
expert Daniel Crosby presents three sets of real, actionable rules
that investors can use to apply the lessons of behavioral finance.
He begins with ten rules that are the hallmarks of good investor
behavior, including 'Forecasting is for Weathermen', 'If You're
Excited, It's Probably a Bad Idea', and 'Trouble is Opportunity'.
From here, attention turns to the Four Cs of Rule-Based Investing:
Consistency, Clarity, Courageousness, Conviction. The Four Cs
provide practical methods to combat behavioral risk in investing.
And finally, he introduces the Five Ps of successful equity
investing: Price, Properties, Pitfalls, People, Push. Investors can
draw on these five methods to select stocks and take advantage of
behavioral opportunities in the stock market. Throughout,
anecdotes, research, and graphics illustrate the lessons in
memorable ways. And in highly valuable 'What now?' summaries at the
end of each chapter, Crosby provides clear, concise direction on
what to think, ask, and do next to become a better investor. If you
are wondering what years of behavioral finance has delivered for
real investors, you should follow the laws of wealth to manage your
behavior and improve your investing!
In Personal Benchmark: Integrating Behavioral Finance and
Investment Management, Chuck Widger and Dr. Daniel Crosby outline
the ways in which a program of embedded behavioral finance, fueled
by what matters most to you, can be your protection against
irrational financial behavior. Along the way, you'll learn how to
improve your investment experience, increase returns formerly
sacrificed to misbehavior, and worry less about "The Economy" as
you become increasingly focused on "My Economy." Welcome to a new
way of investing, a new paradigm for conceptualizing wealth, and a
system of turning emotion from your portfolio's worst enemy into
its best friend! In this new model, risk is simply the likelihood
that we will underperform our dreams. Irrationality is acting in
ways that thwart our ability to reach those dreams. And the optimal
portfolio is not the one that generates the highest return in
abstraction, it is the one that helps us meet our goals without
killing our nerves before we get there. This book gives advisors
the tools needed to effectively communicate the design and
execution of the Personal Benchmark solution.
From New York Times and USA Today bestselling author, Dr Daniel
Crosby, comes the behavioral finance book all investors have been
waiting for. In The Laws of Wealth, psychologist and behavioral
finance expert Daniel Crosby offers an accessible and applied take
on a discipline that has long tended toward theory at the expense
of the practical. Readers are treated to real, actionable guidance
as the promise of behavioral finance is realised and practical
applications for everyday investors are delivered. Crosby presents
a framework of timeless principles for managing your behavior and
your investing process. He begins by outlining ten rules that are
the hallmarks of good investor behavior, including 'Forecasting is
for Weathermen' and 'If You're Excited, It's Probably a Bad Idea'.
He then goes on to introduce a unique new taxonomy of behavioral
investment risk that will enable investors and academics alike to
understand behavioral risk in a newly coherent and complete
way.From here, attention turns to the four ways in which behavioral
risk can be combatted and the five equity selection methods
investors should harness to take advantage of behaviorally-induced
opportunities in the stock market. Throughout, readers are treated
to anecdotes, research and graphics that illustrate the lessons in
memorable ways. And in highly valuable 'What now?' summaries at the
end of each chapter, Crosby provides clear, concise direction on
what investors should think, ask and do to benefit from the
behavioral research. Dr. Crosby's training as a clinical
psychologist and work as an asset manager provide a unique vantage
and result in a book that breaks new ground in behavioral finance.
You need to follow the laws of wealth to manage your behavior and
improve your investing process!
From the New York Times bestselling author of the book named the
best investment book of 2017 comes The Behavioral Investor, an
applied look at how psychology ought to inform the art and science
of investment management. In The Behavioral Investor, psychologist
and asset manager Dr. Daniel Crosby examines the sociological,
neurological and psychological factors that influence our
investment decisions and sets forth practical solutions for
improving both returns and behavior. Readers will be treated to the
most comprehensive examination of investor behavior to date and
will leave with concrete solutions for refining decision-making
processes, increasing self-awareness and constraining the fatal
flaws to which most investors are prone. The Behavioral Investor
takes a sweeping tour of human nature before arriving at the
specifics of portfolio construction, rooted in the belief that it
is only as we come to a deep understanding of "why" that we are
left with any clue as to "how" we ought to invest. The book is
comprised of three parts, which are as follows: - Part One - An
explication of the sociological, neurological and physiological
impediments to sound investment decision-making. Readers will leave
with an improved understanding of how externalities impact choices
in nearly imperceptible ways and begin to understand the impact of
these pressures on investment selection. - Part Two - Coverage of
the four primary psychological tendencies that impact investment
behavior. Although human behavior is undoubtedly complex, in an
investment context our choices are largely driven by one of the
four factors discussed herein. Readers will emerge with an improved
understanding of their own behavior, increased humility and a lens
through which to vet decisions of all types. - Part Three -
Illuminates the "so what" of Parts One and Two and provides a
framework for managing wealth in a manner consistent with the
realities of our contextual and behavioral shortcomings. Readers
will leave with a deeper understanding of the psychological
underpinnings of popular investment approaches such as value and
momentum and appreciate why all types of successful investing have
psychology at their core. Wealth, truly considered, has at least as
much to do with psychological as financial wellbeing. The
Behavioral Investor aims to enrich readers in the most holistic
sense of the word, leaving them with tools for compounding both
wealth and knowledge.
This book, from the series Primary Sources: Historical Books of the
World (Asia and Far East Collection), represents an important
historical artifact on Asian history and culture. Its contents come
from the legions of academic literature and research on the subject
produced over the last several hundred years. Covered within is a
discussion drawn from many areas of study and research on the
subject. From analyses of the varied geography that encompasses the
Asian continent to significant time periods spanning centuries, the
book was made in an effort to preserve the work of previous
generations.
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