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How Investors Can Make Money Using Mass Psychology: A Guide to Your Relationship With Money [Hardcover]

by James Dines
3.7 out of 5 stars  See all reviews (13 customer reviews)


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Book Description

February 1996 0964968908 978-0964968905 illustrated edition
Called a "classic" by Forbes Magazine, this revolutionary study of Mass Psychology of the financial markets shows how investors can make money using it. Understand the spontaneous "group electricity" bordering on mass telepathy, of Wall Street. Studies Mass Psychology in the investing arenas, and shows how to protect against being caught up by it and how to control it. Investigates neurotic relationships to money and gambling. The only modern book to address the Mass Psychology phenomenon in financial markets, updating the 1841 classic, Extraordinary Popular Delusions and the Madness of Crowds.


Editorial Reviews

Review

1. Hate math? Then you will like James Dines' new book, Mass Psychology. To me, finance's frontier is what academics call "behaviorism" -- the psychology of what people do with investment tools, as opposed to traditional finance, which simply analyzes the tools themselves. Sometimes how tools are used is more important than the tools themselves. Mr Dines jumps into the psychology of it all, warning that many of us harbor a deep- seated desire to lose. His exposition on gambler psychology and investing is classic. -- FORBES MAGAZINE, 1997

2. Mass Psychology will become a classic much like Extraordinary Popular Delusions and the Madness of Crowds written in the 1840's is today. -- INVESTOR'S INTELLIGENCE NEWSLETTER, 1997

3. Your book Mass Psychology was full of original insights and perceptions and wit. A remarkable work. -- MICHAEL METZ, MANAGING DIRECTOR, OPPENHEIMER & CO, INC, 1997

4. We highly recommend James Dines' book Mass Psychology which has been over thirty years in the writing. This book represents a totally new approach to investing, since it depends neither on earnings nor chart trends, but focuses on the little-known area of Mass Psychology. It applies to all areas of investing, primarily stocks. It is precisely because there has been so remarkably little written on Mass Psychology in the past that this pioneering work is expected to be a "landmark book" that will be a crucial component of any serious financial library, and probably a "collector's item." This book is a must for beginners to stock market investing and sufficiently thorough for the serious and more sophisticated investor. -- BULL & BEAR DIGEST, 1997

5. James Dines has seen many market cycles and from them he has derived many maxims -- there are 33 in the Appendix alone. As could be expected from this savvy market Analyst the book is chock full of ideas; a number of which someone, somewhere will take exception to. This book is bound to be controversial, what else should we expect from Mr Dines? I call this JBDEXPI; John Bollinger's Dines Expectations Index. Read the book, you'll understand. -- JOHN BOLLINGER'S CAPITAL GROWTH LETTER, 1997

6. Although emotions play a central role in all markets, very few people factor emotions into the investing equation. If we base our investment decisions on what everyone else knows, we have no advantage at all. If we develop an understanding of emotions and markets, then maybe we can be one step ahead of the crowd. Mass Psychology was written by James Dines. I am well aware of his record, which for making market calls is exceptional. Beyond that, however, I have gained an even greater respect for the reasoning behind his calls, which is an ability to accurately describe the emotional state of the masses. Without a doubt, I think he is the best in this field. -- TED SLANKER'S MARKET UPDATE, 1997

The prohibitively high price tag of this standard-size book may keep many from purchasing, but the concept is intriguing: a title which examines personal relationships to money using psychology to analyze investment choices and strategies. Investment analysis is treated to fine in-depth discussions with plenty of examples and insights throughout. -- Midwest Book Review

From the Inside Flap

This book represents a totally new approach to investing, since it depends neither on earnings nor chart trends, but focuses on the little-known area of Mass Psychology. It applies to all areas of investing, primarily stocks, but also real estate, collectibles, etc. One of the bold theories in the book is that all gamblers secretly want to lose (and the book explains exactly how this mechanism works), a neurosis that expresses itself in many ways through our varying relationship to money. If so, then the appearance of a gambling element in an investment arena -- since they secretly want to lose -- is a sign to sell out, and everybody knows that manias usually occur before market "tops." This unique book explains why and how to control these money relationships, especially when complicated by the pervasive effects of Mass Psychology. It is precisely because there has been so remarkably little written on Mass Psychology in the past that this pioneering work is expected to be a "landmark book" that will be a crucial component of any serious financial library, and probably a "collector's item."

Product Details

  • Hardcover: 378 pages
  • Publisher: Young Ideas; illustrated edition edition (February 1996)
  • Language: English
  • ISBN-10: 0964968908
  • ISBN-13: 978-0964968905
  • Product Dimensions: 1.2 x 6.5 x 9.5 inches
  • Shipping Weight: 1.6 pounds
  • Average Customer Review: 3.7 out of 5 stars  See all reviews (13 customer reviews)
  • Amazon Best Sellers Rank: #1,015,177 in Books (See Top 100 in Books)

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Customer Reviews

3.7 out of 5 stars
(13)
3.7 out of 5 stars
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Most Helpful Customer Reviews
67 of 75 people found the following review helpful
By A Customer
Format:Hardcover
Mr. Dines, while probably an excellent investor, uses his pulpit to extoll political views, and trumpet the wisdom of his investment suggestions from 35 years ago, some of which have yet to be realized. The gap between Theoria and Praxis in this book is yawning, and Mr. Dines does not seem to get the rubber to hit the pavement. If you are looking for an abstruse discussion of the subject of mass psychology in markets, this is a great book, and very unique. If you are looking for a way of trying to understand how markets react, and individuals respond to markets and their money, and MAKE MONEY FROM THIS, read another book. I am still unclear as to how Mr. Dines employs his strategies on a practical level, and what his notions of risk/reward are, etc.
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27 of 29 people found the following review helpful
By A Customer
Format:Hardcover
I found Mr. Dines book to be big on price and small on continuity and meaning. The text moves in and out of ideas so quickly that it is difficult to decipher any point to his many colorful stories. His personal philosophies don't really teach you much in the end. I would not recommend the book to anyone hoping to learn more about investing.
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27 of 32 people found the following review helpful
5.0 out of 5 stars Reading once isn't enough......... November 12, 2005
Format:Hardcover
Must be read at least twice, for the effects of this book to take effect, maybe even thrice.

Outstanding way for one learn to get the upper hand, not only in investing, but in other areas of life as well. I've stopped panicking my way into foolish trades; let the other guys make the mistakes from now on.

Worth the $$$$$ I paid for it; $5.00, used, at Strand Books in Greenwich Village; Ha! However, the chart on page #2 alone is worth TEN TIMES the cover price! Compare your trading & emotions, & see if you don't recognize yourself at least five steps along the way. For page #2 alone, I'd say BUY the book at ANY price.......

I also subscribed to Dines' Newletter, after seeing him at the NY Gold show; How about them broads?

I just recently purchased Dines' new book, "Secrets of High States" for $100.00. Big mistake! It's basically a coffee table book, with page after page of photographs, taken by Dines himself; nice, but that's not what I spent 100 beans for. He has about eighty different pictures of animals, nature, and about twenty different broads, and only ONE is naked, can you believe it? In between, are pearls of wisdom which remind me of the advice you get in fortune cookies. Ouch!

By the way, this guy writes a newsletter, which is absolutely horrible, and I urge anyone to avoid it if you ever want to see your hard earned money again. Calls himself "Original Uranium Bug," as he was the first to tout mostly asset-less, highly questionable uranium companies, (typically run by guys who haven't held the same job in the industry, with the same company, for over three years before being told to "move on"), and mostly from Canada. Where have I heard this scenario before?
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5 of 5 people found the following review helpful
3.0 out of 5 stars A mixed bag May 18, 2011
Format:Hardcover|Verified Purchase
Mr. Dines is a gifted investor with a proven track record. His recent ahead of the herd call was the rare earth metals. Now, about the book: I have a rather mixed feeling regarding this book. This book doesn't really discuss human mentality/mass psychology in the stock market, which was what I was expecting. It's also not a pure investment book. Some chapters are about the philosophical aspects of human emotions (fear, greed, love, etc.). Some chapters are about politics, others are about human nature, and only one chapter is really about investing.

PROS:

* Contains a few hidden gems regarding human mentality, especially in the context of a crowd.
* Provides some interesting insights regarding what Mr. Dines calls a "high state" and "low state" of human emotions and how they relate to investing.
* Has some interesting insights regarding the gambler mentality in the stock market.

CONS:

* The author has a tendency of jumping from topic to topic often when discussing various and unrelated topics in the same chapter, which makes it hard to follow the author's ideas.
* This book is not really practical, it's more theoretical.

CONCLUSION:

This book is good in theory and does provide some insightful information. However, it falls short in practicality and it's not really related to investment.
If you're interested in buying this book in order to improve your investing skills, you might as well look somewhere else.
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10 of 13 people found the following review helpful
3.0 out of 5 stars Interesting September 5, 2001
Format:Hardcover
Although this book is full of cool stuff about mass psychology, with lots of examples to prove the points, it got a little dry and repetitive after awhile. Also, the price makes me want to puke. The cartoons added all over the place helped put a bit of life into the reading though.
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3 of 3 people found the following review helpful
4.0 out of 5 stars PARADOX & IRONY May 8, 2012
By Sonia
Format:Hardcover|Verified Purchase
There are some incredible powerful psychological aspects to our lives in this book, let alone in regards to investing. These concepts, amongst others:
1. Paradox & irony
2. Mass greed & mass fear
3. Why gamblers gamble
4. High states & low states
5. Mastering your emotions
6. Technical analysis

I suppose you can call it a book about ambiguity/ambivalence/dichotomy.

I would like to know more about paradox & irony. I have experienced this concept in my life at what in hindsight were critical periods. I wonder if our unconscious/sub-conscious rejects what we want? If so, why would it do that to us? Or maybe, we never really wanted those things in the first place.

As far as investing is concerned, I believe that you have to go long-term, however the fundamentals have to be strong in order to have the confidence not to sell out too early. One must be disciplined & to re-evaluate your position every 3 or 6 months, in case conditions have changed. I do not believe that Mr Dines is a great investor. For all the predictions he got right, there have probably been at least the same amount that he has got wrong. I feel that he stayed in uranium for too long & that rare earth metals' companies' stocks were in a bubble for about 12 months. He has had some aweful years amongst his great & average ones. Investing is hit & miss, regardless of how skillful you believe you are. I believe that patience is the key & to distance yourself emotionally as much as possible. Despite Mr Dines belief in technical analysis, I still believe that fundamental analysis is more important, however, that means looking at the whole picture & focusing in on those things that are the most important.
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