From the doom of Black Monday to the most recent exodus from stock markets around the world, panic is an all too common feature of investor behavior. Profits Without Panic shows how to avoid being swayed by the chaos of the market or swept into the panic of the boom or bust frenzy.
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Amazon.com Review
Practicing psychologist and independent investor Jonathan Myers advocates an approach to investing that relies heavily on his expertise in psychology. And in Profits Without Panic, his innovative method emerges as an attractive alternative to the less-imaginative systems usually espoused in today's investment guides. Mixing established principles with some rather unorthodox practices--such as anticipating other investors' responses to financial news, assessing a company's nonfinancial assets, and evaluating your own previous decisions in order to plot a winning game plan for the future--Myers champions a strategy of "psychonomic rationality" that, he says, will more accurately "evaluate fundamental and weightless factors of an investment while minimizing any tendency to make systematic errors." His step-by-step program contains appropriate tools for self-evaluation and novel techniques to analyze the market (how to determine true personal priorities, dispel common misperceptions, avoid herd-mentality mistakes, etc.). "Once you begin to separate out these internal and external elements," he asserts, "it becomes easier to see the opportunities." --Howard Rothman
From Booklist
Given the recent--and almost daily--wild fluctuations in the stock market, it is clear that psychological factors and perceptions are major forces driving investors. Myers, who lives in New York, is a member of the British Psychological Society and an independent investor. He advocates a "psychonomic" approach to investing. Psychonomics looks at the relationship between an investor's individual characteristics (one's internal market) and the pressures and reinforcing effects of external financial markets. Myers recommends focusing on the intrinsic value of an investment and avoiding systematic errors that arise from following the crowd. He offers practical tools for overcoming "fear, greed, and the madness." His "PROFITS" approach to investing relies on understanding Personality, Relationships, Outlierism (contrarianism), Flexibility, Information, Traps, and Strategies. Myers also stresses the need to develop self-awareness in order to make better financial decisions. David Rouse
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7 of 13 people found the following review helpful:
5.0 out of 5 stars
Very worthwhile for the long term intelligent investor.,
By A Customer
This review is from: Profits Without Panic : Investment Psychology for Personal Wealth (Hardcover)
Profits Without Panic lays out how to separate hype from substance and emotion from reason so that you can make money with confidence. Not a book for your average day trader, but the kind of read that would have made Bernard Baruch proud.
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