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7 Mistakes Every Investor Makes (And How To Avoid Them): A manifesto for smarter investing [Pehme köide]

  • Formaat: Paperback / softback, 212 pages, kõrgus x laius x paksus: 233x155x18 mm, kaal: 340 g
  • Ilmumisaeg: 04-Feb-2020
  • Kirjastus: Harriman House Publishing
  • ISBN-10: 0857197703
  • ISBN-13: 9780857197702
Teised raamatud teemal:
  • Formaat: Paperback / softback, 212 pages, kõrgus x laius x paksus: 233x155x18 mm, kaal: 340 g
  • Ilmumisaeg: 04-Feb-2020
  • Kirjastus: Harriman House Publishing
  • ISBN-10: 0857197703
  • ISBN-13: 9780857197702
Teised raamatud teemal:
Every investor makes mistakes. Private or professional, amateur or experienced, there is no exception.

And many of these are common mistakes. Whether or not they want to admit it, many investors have committed the same errors. How can you avoid these mistakes? How can you distinguish yourself as an investor and improve your performance?

Joachim Klement, research analyst and former Chief Investment Officer with 20 years' experience in financial markets, has the answers.

Seven Mistakes Every Investor Makes (And How To Avoid Them) calls upon years of experience and scientific research to deliver expert insight into the most common mistakes plaguing investors. From there, Klement outlines his personal tools and techniques, developed, refined and successfully implemented over many years in the finance industry, to help avoid and mitigate such mistakes. His ultimate aim: to help you help yourself.

The mistakes covered include forecasting, short- and long-term orientation, repeating past errors, confirmation bias, not delegating to experts, and blind trust of traditional assumptions.

Seven Mistakes Every Investor Makes (And How To Avoid Them) is a must-have guide for every investor. Packed with scientific research and personal wisdom, this book draws together the most common investing mistakes in order to practically reveal how to overcome and eliminate them.

Don't make another avoidable mistake by missing out on this book.

Arvustused

Joachim Klement is one of the smartest commentators on the markets today. This is one of the best books on finance I've ever read. It is packed full of insights. Every investor should read it. -- Brett Arends, MarketWatch It is a well written story, simple to read, very fluid and at the same time full of insights. I like the mix of personal experience and empirical findings in psychology, economics and finance et behavioural economics. It makes our mistakes a learning process. As someone once said, good decisions are based on experience and experience is based on bad decisions. -- Yves Longchamp, Head of Research, SEBA Bank AG This is a valuable add to any investors bookshelf. There is more than enough wisdom contained within to justify its purchase price. -- Jason A. Voss, Author, Return of the Active Manager Most of our investment mistakes derive from the fact that humans have a hard time dealing with uncertainty and complex systems. Traders and economists are humans too, Joachim does not forget it. That is why his latest book is relevant and invaluable to read. He takes us through a journey grounded on personal investment experience to devises the most common mechanisms that lead to investment failure. Reading Joachim's book increases our awareness about the true mechanisms of finance. Investment results will follow. -- Paolo Sironi, Author and Finch expert Ever wonder why your investments underperform the market averages? In this beautifully written book, investment manager Joachim Klement tells you why. He explains the most common behavioral and cognitive errors that investors make, so you can correct them and improve your performance. This book is a fun and easy read I highly recommend it! -- Laurence B. Siegel, Director of Research, CFA Institute Research Foundation & author, Fewer, Richer, Greener In this book, Joachim Klement explores the 7 common mistakes that every investor makes, backed with research findings that are so revealing and beneficial to help investors get aware of their mistakes. He gives you a great insight into finding the right balance between short term and long term orientation using the combination of trading and investment techinques which in my opinion sets this book apart from other investment books. The tools and techniques to overcome these mistakes are well researched and well defined. Overall, a must have in all the investors book shelves. -- Thiru Nagappan, Trader and Founder of Master the Markets

About the Author ix
Acknowledgements xi
Introduction, or How a Relay of Misery Can Lead to Good Things 1(8)
Let me take you on my journey
3(1)
My selection of the seven most common mistakes
4(5)
Chapter 1 The Shortest Investment Joke: My Forecast Has a Decimal Point
9(28)
The future is uncertain - deal with it
13(3)
It gets worse...
16(2)
The uncertainty introduced by compound interest
18(2)
Increasing uncertainty
20(3)
More isn't more: information versus accuracy
23(1)
The true value of company analysis
24(1)
Resist the temptation to summarise everything into one number
25(3)
Integrating uncertainty into the investment process
28(3)
A better way to deal with uncertainty
31(3)
Main points
34(1)
References
35(2)
Chapter 2 The Long Term is Not the Sum of Short Terms
37(24)
Let's blame the media, shall we?
41(2)
The media is a symptom, not the cause
43(2)
Short-termism is bad for your wealth
45(3)
Finding excuses for trading is easy
48(3)
Don't just do something, sit there
51(1)
Don't check your portfolio too often
52(1)
Professionals need to have the right incentives
53(1)
How you visualise performance matters
54(3)
Manage your information flow
57(1)
Main points
58(1)
References
59(2)
Chapter 3 Are You a Long-term Investor -- or Just Stubborn?
61(28)
Contrarian investing for the long run
64(2)
Contrarian investing versus momentum investing
66(2)
Value investing for the long run
68(3)
A cautionary tale
71(2)
Learning from short-term investors
73(2)
The secret of successful traders: emotional detachment
75(2)
Listen to the data to rein in your emotions
77(2)
A mental model of data aggregation
79(2)
Embrace stop-losses
81(5)
Main points
86(1)
References
87(2)
Chapter 4 We Learn From History That We Do Not Learn From History
89(26)
Learning from experience in a laboratory
94(1)
Trading begins and chaos ensues...
95(2)
Cynical bubbles and bubble echoes
97(2)
Bubble echoes in the wild
99(1)
Forgetting past experiences: rekindling a bubble
100(2)
Career risk as an obstacle to learning from experience
102(1)
Most fund managers get worse with experience
103(2)
Individual investors don't learn from the past either
105(1)
Learning from experience
106(6)
Main points
112(1)
References
113(2)
Chapter 5 Ignoring the Other Side of a Story
115(22)
The outcomes for investors were vastly different
118(2)
A crucial mistake
120(2)
We don't like to be contradicted
122(1)
Test your confirmation bias
123(3)
The allure of growth
126(1)
The safety of value
127(2)
Economic growth and stock returns
129(1)
Engage with views you disagree with
130(2)
Change your reading habits
132(1)
Your new best friend: the devil's advocate
133(1)
Main points
134(1)
Free investment blogs
135(1)
References
136(1)
Chapter 6 You Get What You Pay For
137(24)
Active fees for passive funds
140(2)
Why are fund managers becoming less active?
142(2)
Avery public failure
144(1)
An alternative way to lose money for investors
144(1)
The impact of lower tracking error on investment performance
145(2)
Incentives matter
147(1)
Employee-owned funds perform better
148(1)
So do smaller funds
149(2)
A 1960s advertisement explains the advantage of smaller funds
151(3)
How to improve your investment performance
154(3)
Active share isn't everything
157(1)
Small, active and employee owned
158(1)
Main points
159(1)
References
160(1)
Chapter 7 Navigating a Complex World
161(32)
Why doesn't Delphi own the world?
163(1)
A recent regime change in currency markets
164(2)
Currency hedge funds stop performing
166(1)
The flawed foundations of modern finance
167(5)
Financial markets as complex dynamic systems
172(1)
Insights from complex dynamic systems
173(12)
How to think about markets as systems
185(5)
Main points
190(1)
References
191(2)
Chapter 8 Over To You
193
Get to know yourself
195(2)
Improve yourself
197(1)
My rules for forecasting
198(1)
Never stop learning
199
Joachim Klement is a research analyst and former Chief Investment Officer with 20 years experience in financial markets. He spent most of his career working with wealthy individuals and family offices advising them on investments and helping them manage their portfolios.Joachim studied mathematics and physics at the Swiss Federal Institute of Technology (ETH) in Zurich, Switzerland and graduated with a masters degree in mathematics. During his time at ETH, Joachim experienced the technology bubble of the late 1990s first hand. Through this work, he became interested in finance and investments and studied business administration at the Universities of Zurich and Hagen, Germany, graduating with a masters degree in economics and finance and switching into the financial services industry in time for the run-up to the financial crisis.