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What Investors Really Want: Know What Drives Investor Behavior and Make Smarter Financial Decisions [Kõva köide]

3.62/5 (77 hinnangut Goodreads-ist)
  • Formaat: Hardback, 304 pages, kõrgus x laius x paksus: 236x160x25 mm, kaal: 568 g, 0 Illustrations
  • Ilmumisaeg: 16-Dec-2010
  • Kirjastus: McGraw-Hill Professional
  • ISBN-10: 0071741658
  • ISBN-13: 9780071741651
Teised raamatud teemal:
What Investors Really Want: Know What Drives Investor Behavior and Make Smarter Financial DecisionsSuurem pilt
  • Formaat: Hardback, 304 pages, kõrgus x laius x paksus: 236x160x25 mm, kaal: 568 g, 0 Illustrations
  • Ilmumisaeg: 16-Dec-2010
  • Kirjastus: McGraw-Hill Professional
  • ISBN-10: 0071741658
  • ISBN-13: 9780071741651
Teised raamatud teemal:
Püsilink: https://www.kriso.ee/db/9780071741651.html
Märksõnad:
WHAT INVESTORS WANTPraise for What Investors Really Want

"We all share behavioral traits that are major roadblocks to intelligent financial decisions. Bottom line: if you really want to achieve investment success, understand yourself and eliminate or minimize these traits. This book will help you do exactly that." -- John C. Bogle, Founder, Vanguard Funds "What Investors Really Want enables us to "post mortem" the financial decisions of ourselves and others. The book is extremely valuable for theory, as a survey of how the human animal makes financial decisions, and for the practice of making smarter financial decisions." --Harry M. Markowitz, Rady School of Management, University of California, San Diego; winner, Nobel Memorial Prize in Economic Sciences"In investing, we are often our own worst enemies. Meir Statman, an expert in behavioral finance, explains the common errors to which we are prone and helps us make smarter decisions about our investments." --Burton Malkiel, bestelling author of A Random Walk Down Wall Street"A masterly review of the many pitfalls and challenges facing market participants today, written by one of the founders of the field of behavioral finance. This volume should be required reading for all investors and their financial advisors!" --Andrew W. Lo, Harris & Harris Group Professor of Finance at the MIT Sloan School of Management"What a gem! Meir Statman is a wise and engaging teacher, and after reading his book, I will be a wiser, better, less anxious investor." --Don Ezra, co-chair, global consulting, Russell Investments, and co-author of Pension Fund Excellence and The Retirement Plan Solution"The first step to good investing is always the same, 'know thyself'. If you read this book and don't recognize a lot of yourself in it, you're just not paying attention!" --Cliff Asness, founding and managing principal, AQR Capital Management LLC"Meir Statman, a leading light of behavioral finance, shines the bright light of modern neuropsychology on all the mental demons that conspire to make you poor. He'll make you laugh, he'll make you cry and, best of all, he'll improve your bottom line." --William Bernstein, bestselling author of The Intelligent Asset Allocator

Combining the new field of behavioral finance with the real world of investing, this engaging new book explores the mind-sets and motivations behind the major money decisions--and most common mistakesthat investors make every day. With insider's insight, and a storyteller's voice, behavioral finance expert Meir Statman reveals What Investors Really Want . . .

Investors want bigger profits with lower risks. How our desire for free investment lunches can leave us with nolunchesInvestors want to play and win. How our desire to win the investment game can turn us into losersInvestors want to save money for tomorrow and spend it today. How we struggle between spending too much andspending too littleInvestors want status, respect, and social responsibility. How to know what's really important in lifeInvestors do not want to face financial losses. How to recognize and confront the regret that accompanies losses You'll also learn how age, gender, genetics, and personality affect your investment decisions and how people of different countries and cultures think about risks and returns, poverty, and wealth. You'll discoverhow behavioral finance provides key insights into the behavior that has rocked investment markets in recent years. And, most important, you'll learn to recognize the desires, thoughts, and emotions that drive your own investment decisions--so you can drive better on your road to investment success.

Muu info

Commended for Axiom Business Book Awards (Personal Finance) 2011.
Introduction: What We Want ix
We want more than high profits from our investments.
We want to be number 1 and beat the market.
We want to nurture hope for riches and banish fear of poverty.
We want to feel the pride of profits and avoid the regret of losses.
We want the sophistication of hedge funds and the virtue of socially responsible funds.
And we want to leave a legacy for our children.
Chapter 1 We Want Profits Higher than Risks 1(16)
Investments with profits equal to their risks are as easy to find as good lunches at fair prices.
But we want free lunches, not fair ones, and we are always searching for investments with profits higher than risks.
Chapter 2 We Have Thoughts, Some Erroneous 17(20)
Cognitive errors mislead us into thinking that investments with profits higher than risks are easy to find.
Hindsight errors are one example, misleading us into thinking that we have seen investment winners in foresight when, in truth, we have seen them only in hindsight.
Chapter 3 We Have Emotions, Some Misleading 37(18)
Emotions, like cognitive errors, draw us into promises of profits higher than risks.
Exuberance highlights profits and obscures risks; fear highlights risks and obscures profits; and unrealistic optimism exaggerates our investment skills and chances.
Chapter 4 We Want to Play, and Win 55(12)
The game of finding investments with profits higher than risks is tempting, even when we know that it is difficult to win.
Playing the game makes us feel alive, in the groove, in control, and in the flow.
And winning is exhilarating.
Chapter 5 We Join Herds and Inflate Bubbles 67(14)
We stampede into investments in exuberance and stampede out in fear.
We inflate bubbles and deflate them.
Our herding instinct also opens the door to frauds, where early fools pull in late fools, and all turn into losers.
Chapter 6 We Want Self-Control and Mental Accounts 81(12)
We do not spend dollars from "hard-earned" mental accounts as easily as we spend dollars won in lotteries.
Mental accounting facilitates self-control, stopping us from buying a shiny new car today when we need the money for retirement tomorrow.
Chapter 7 We Want to Save for Tomorrow and Spend It Today 93(14)
We try to strike a balance between saving too little and saving too much.
Mental accounting helps us distinguish what we are permitted to spend from what we must save.
Self-control helps us manage our conflicting desires to spend and save.
Chapter 8 We Want Hope for Riches and Freedom from the Fear of Poverty 107(12)
Investors who hate risk buy insurance policies, while investors who love risk buy lottery tickets.
Yet most of us buy both, just as we buy both safe bonds and risky stocks.
We are motivated by our twin desires of hope for riches and freedom from the fear of poverty.
Chapter 9 We Have Similar Wants and Different Ones 119(14)
Some investors are passionate about hope, while others care more about freedom from fear.
Our personalities, life experiences, and cultures weigh on the balance we strike between hope and freedom from fear.
Chapter 10 We Want to Face No Losses 133(18)
Profits bring pride while losses inflict regret.
Realizing losses is especially painful because we give up hope of recouping our losses.
So we realize gains quickly and procrastinate in the realization of losses.
Chapter 11 We Want to Pay No Taxes 151(10)
Some investors greet taxes with acceptance or resignation.
Some feel smart and savvy when they avoid taxes.
Some are angry that taxes are wasted by politicians.
And some are willing to forego $5,000 in profits to avoid paying $4,000 in taxes.
Chapter 12 We Want High Status and Proper Respect 161(16)
Hedge funds open their doors only to the rich, making it easy to brag about riches without appearing to brag.
Yet wealth does not always bring respect.
Women investors resented disrespect a century ago, and they resent condescending attitudes today.
Chapter 13 We Want to Stay True to Our Values 177(18)
Some socially responsible investors are willing to sacrifice investment profits for human rights and others are willing to sacrifice profits for a clean environment.
Values extend beyond social responsibility to religion, ideology, patriotism, and philanthropy.
Chapter 14 We Want Fairness 195(14)
We want to play on level playing fields in sports, investments, and every other field.
We boycott stores that treat their employees unfairly, protest unfair investment practices, and forego profits to avoid money managers whose fairness we suspect.
Chapter 15 We Want to Invest in Our Children and Families 209(14)
We prod our children to do well in school and we save for their college expenses.
Middle-class parents worry that they might not have enough for their children's education.
Rich parents worry that their children would feel entitled to spend what they do not earn.
Chapter 16 We Want Education, Advice, and Protection 223(14)
We are increasingly responsible for our financial futures.
We seek information, protection, and advice from financial advisors, the Internet, the government, and other investors.
Some advice is good and some is bad.
Some sticks with us and some washes away.
Conclusion: What We Have 237(6)
Some trade investments because they have a true advantage over other traders.
Others trade investments because cognitive errors mislead them.
Yet others trade because they want to enjoy the thrill of trading.
Still, it is important to distinguish truth from cognitive errors and cognitive errors from wants.
And it is important to remember that investments are about life beyond money.
Notes 243(32)
Index 275
Meir Statman is the Glenn Klimek Professor of Finance at the Leavey School of Business, Santa Clara University, and Visiting Professor at Tilburg University in the Netherlands. His research on behavioral finance has been supported by the National Science Foundation, CFA Institute, and Investment Management Consultants Association (IMCA) and has been published in the Journal of Finance, Financial Analysts Journal, Journal of Portfolio Management, and many other publications. Arecipient of two IMCA Journal Awards, the Moskowitz Prize for Best Paper on Socially Responsible Investing, and three Graham and Dodd Awards, Statman consults with manyinvestment companies and presents his work to academics and professionals in the U.S. and abroad.