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Download Behavioural Investing: A Practitioner's Guide to Applying Behavioural Finance fb2, epub

by James Montier

Download Behavioural Investing: A Practitioner's Guide to Applying Behavioural Finance fb2, epub

ISBN: 0470516704
Author: James Montier
Language: English
Publisher: Wiley (October 29, 2007)
Pages: 728
Category: Psychology & Counseling
Subcategory: Health
Rating: 4.5
Votes: 472
Size Fb2: 1600 kb
Size ePub: 1887 kb
Size Djvu: 1473 kb
Other formats: lrf rtf doc lrf


You often feel tired, not because you've done too much, but because you've done too little of what sparks a light in you. ― Anonymous.

You often feel tired, not because you've done too much, but because you've done too little of what sparks a light in you. Behavioural Investing: A Practitioners Guide to Applying Behavioural Finance (The Wiley Finance. 62 MB·676 Downloads·New!.

For many investment professionals James Montier "is" behavioural finance. This is Montiers second book. The first one builds on a number of lectures in behavioural finance held as a visiting professor at university. It's largely through Montier that concepts like anchoring, hindsight bias, herding etc. has found their way into the phrasebook of many portfolio managers. Even though investing is an intellectual endeavour most investors, as in fact most people, stop to improve their theoretical skills when they leave university thinking that when they enter the real world theory doesn't really matter - "Those who can, do; those who can't, teach.

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Behavioural Investing: A Practitioner’s Guide to Applying Behavioural Finance explores the biases we face, the way in which they show up in the investment process, and urges readers to adopt an empirically based sceptical approach to investing. This book is unique in combining insights from the field of applied psychology with a through understanding of the investment problem. The content is practitioner focused throughout and will be essential reading for any investment professional looking to improve their investing behaviour to maximise returns. Key features include: The only book to cover.

Behavioural investing seeks to bridge the gap between psychology and investing

Behavioural investing seeks to bridge the gap between psychology and investing. All too many investors are unaware of the mental pitfalls that await them. Even once we are aware of our biases, we must recognise that knowledge does not equal behaviour. The solution lies is designing and adopting an investment process that is at least partially robust to behavioural decision-making errors. The content is practitioner focused throughout and will be essential reading for any investment professional looking to improve their investing behaviour to maximise returns

Behavioural investing seeks to bridge the gap between psychology and . 50 Abu Ghraib: Lesson from Behavioural Finance and for Corporate Governance 599. 51 Doing the Right Thing or the Psychology of Ethics 611.

Behavioural investing seeks to bridge the gap between psychology and investing.

бесплатно, без регистрации и без смс. Behavioural investing seeks to bridge the gap between psychology and investing. All too many investors are unaware of the mental pitfalls that await them

бесплатно, без регистрации и без смс. The solution lies is designing and adopting an investment process that is at least partially robust to behavioural decision-making errors

Behavioural Investing: A Practitioners Guide to Applying Behavioural Finance.

Behavioural Investing: A Practitioners Guide to Applying Behavioural Finance. 1. The brain is hardwired to like short-term gratification (leading to quick and easy decisions). 2. We tend to dislike social-exclusion behaviour (leading to herd-like decisions). 3 Montier notes that rigged experiments are a popular technique of behavioural psychologists, almost as frequently used as their other favourite technique - electrical shocks. 4 In a section on approaches to investing, there is a chapter on dividends. It concludes that investors view dividends as boring, small numbers.

Behavioural investing seeks to bridge the gap between psychologyand investing. All too many investors are unaware of the mentalpitfalls that await them. Even once we are aware of our biases, wemust recognise that knowledge does not equal behaviour. Thesolution lies is designing and adopting an investment process thatis at least partially robust to behavioural decision-making errors.

Behavioural Investing: A Practitioner’s Guide toApplying Behavioural Finance explores the biases we face, theway in which they show up in the investment process, and urgesreaders to adopt an empirically based sceptical approach toinvesting. This book is unique in combining insights from the fieldof applied psychology with a through understanding of theinvestment problem. The content is practitioner focused throughoutand will be essential reading for any investment professionallooking to improve their investing behaviour to maximise returns.Key features include: 

The only book to cover the applications of behaviouralfinanceAn executive summary for every chapter with key pointshighlighted at the chapter startInformation on the key behavioural biases of professionalinvestors, including The seven sins of fund management,Investment myth busting, and The Tao of investingPractical examples showing how using a psychologically inspiredmodel can improve on standard, common practice valuation toolsWritten by an internationally renowned expert in the field ofbehavioural finance

Comments:

Throw her heart
I think the criticisms found in the previous reviews are valid. The book is indeed just a collection of periodic notes that were sent to clients of J. Montier's employer, Dresdner Kleinwort. And this format is at times frustrating, since occasionally these notes reference previous ones, which the reader of the book has either no access to, or which are included on later pages of the book. At other times, the format leads to redundancies, as the same point will be reiterated in different client notes.

But I could not get myself to take more than one star off, because the insights are so important, and the research presented to bolster them is very compelling. This is true both in terms of the psychological research underpinning the precepts of behavioural investing, and of the empirical research that shows the practical impact on asset prices.

I would add to the criticisms that this book seems comparatively expensive, but I would say that in this case, you get what you pay for.
Hǻrley Quinn
This is in my top 3 books, its a throughly orginial and well thoughtout book which outlines all the critical behavioural bias's that they we face as investors and offers some practical solutions for overcoming them. I believe that in order to outperform in today markets you need to combine technicals, fundamentals, an understanding of crowd pyschology and alos control your individual bias's.
Qwne
Thought provoking and thorough !!
Cobandis
James Montier's book is in fact a collection of articles and therefore has some redundancies by repeating the same things again and again. But...he really takes away many illusions about analysts, company meetings, portfolio management and every one's capabilities in beating the market. In short, he says that predicting the future is not possible and that we are very bad in forecasting, even more when we are "professionals", because of how our brain works. He shows how to at least try to avoid common biases and focusing on the facts (on the past).
It is easy to read and very entertaining, nevertheless with a factual approach. But be warned: as a PM you will feel the urge to stop taking calls from sales people ;-)
Xmatarryto
For a serious investor and trader even for analysts this book this is blessing to understand market behavior
Folsa
Discussing a book about investor biases, I will admit a few *reader* biases - directed against authors who

(a) produce a book by pasting together previously published articles, and invest no effort into editing the material to reduce duplication or just weed out the typos. Here, editorial work has consisted of writing a short preface and collating the original bibliographies.

(b) go with a sexy title that happens to oversell the book's contents. I would make a guess of 200-250 pages that can be linked to "behavioral investing" - and most of those is surveying psychology research. It is interesting to hear the author's thoughts on investing - forecasting is out; Graham-Dodd and trailing multiples are in - but this is not what I paid for.

(c) do not always seem to know what they are talking about*. The FT review may call this book "the best and most comprehensive treatment of the subject to date" - better luck next time, Richard Thaler's "Advances in behavioral finance" and Hersh Shefrin's "Behavioral corporate finance" - but a look at those should tell you the qualitative difference.

I would advise readers interested in "behavioral" stuff to consult Thaler's and Shefrin's books - and to read "Behavioral investing" as a very entertaining introduction to the subject and a collection of fairly interesting investment-research essays.

* Type "Bayesian" into "Search inside" to navigate to page 116, and try to understand (and if you do, please explain to me) the author's concept of prior and posterior probabilities. If you prefer math, try keyword "acquirer" to get to page 65, read the exhibit and help me see why "by offering $60, Company T is assumed on average to be worth $30". Or, search for "Linda" to get to page 27, read the first three paragraphs of the new section and see if you understand the author's explanation about "people underweighting", etc. Linda comes back on page 84, and take 2 does better, but it's still not good. (By the way, Linda is only seen twice - but a piece of research by Bechara et al. comes back as often as Freddy Krueger).

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