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The Psychology of Investing (Wiley Investment) [Hardcover]

Lawrence E. Lifson (Author), Richard A. Geist (Author)
2.5 out of 5 stars  See all reviews (2 customer reviews)

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Book Description

March 25, 1999 0471183393 978-0471183396 1
The first comprehensive book to apply psychological theory to a broad range of investment topics, The Psychology of Investing explores the interface between human emotions and financial decision making. Drawing on the invaluable wisdom and cutting-edge research of top experts in what is an area of ever-increasing interest and importance, it describes how both group dynamics and an individual's personal psychology affect investor decisions.

This authoritative and practical book features contributions from professional psychologists, psychiatrists, academics, and investment practitioners who are among the leading thinkers and teachers in their fields. Among those sharing their innovative ideas and far-reaching thoughts on such topics as contrarian theory, momentum strategies, and investor overreactions are faculty members from Harvard Medical School and Harvard Business School, columnists from Forbes magazine, publishers of investment newsletters, and authors of investment related books.

Groundbreaking in the way it explores the connection between psychology and investment performance, it is essential reading for anyone seeking insight into this unique relationship.

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Customers buy this book with Psychology of Investing (4th Edition) (The Prentice Hall Series in Finance) $36.75

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Editorial Reviews

Review

"This compendium does an excellent job of analyzing the important, but understudied, psychological forces in individual investing. It includes provocative discussions of topics such as the asymmetries between buy and sell decisions, the differential reactions to earnings surprises, and the emotional dynamics of momentum investing." -Robert C. Pozen, President and Chief Executive Officer, Fidelity Management and Research Company

"If everyone were perfect, profits form investing would not exist. The collective insights gained from The Psychology of Investing provide invaluable clues to imperfect human behavior and how to exploit it in the financial markets." -Arnold S. Wood, President and Chief Executive Officer, Martingale Asset Management, L.P.

"In the irrational world of finance, this book uses psychology to see beyond the myth of the 'rational investor.' This clear, easy-to-follow lesson in behavioral economics is truly a shining example of mind over money." -Thomas G. Gutheil, MD, Professor of Psychiatry, Harvard Medical School

"The contributors break new ground in addressing the complexities of investing from the perspectives of Personality Theory, Behavioral Finance, Organizational Psychology, Statistical Analysis, as well as through the eyes of the savvy market analyst. Eminently readable and technically sophisticated, this volume should stimulate more research into the world of money, markets, and motivations." -Robert W. Siroka, PhD, ABPP, Director, Center for the Pyschosocial Study of Financial Behavior, NYC

From the Back Cover

A unique, accessible guide to current practices in population sampling.

Now in its third edition, this popular sampling text continues to provide a highly readable, practical treatment of the subject. Keeping the mathematics to a minimum, it walks the reader through real-world sample surveys-from sampling designs to problems of missing data and nonresponse to estimation procedures. This expanded and updated edition reflects the many developments in the field since the publication of the Second Edition, including the latest methods of multistage sampling, analysis of sample survey data, and software manipulation. Sampling of Populations, Third Edition offers:
* A wealth of examples illustrating key statistical issues with data sets available for downloading over the Internet.
* An emphasis on the most widely used sampling designs today, including completely revised chapters on cluster sampling designs.
* A new chapter devoted to telephone sampling and interviewing techniques-contributed by Robert Casady and James M. Lepkowski, who have made many important contributions in the area of telephone surveys.
* Illustrative examples detailing how statistical analysis can be performed by means of software now available for use on personal computers and designed specifically for analysis of sample survey data.
* Many new and updated practice exercises.

"This compendium does an excellent job of analyzing the important, but understudied, psychological forces in individual investing. It includes provocative discussions of topics such as the asymmetries between buy and sell decisions, the differential reactions to earnings surprises, and the emotional dynamics of momentum investing."-Robert C. Pozen, President and Chief Executive Officer, Fidelity Management and Research Company.

"If everyone were perfect, profits from investing would not exist. The collective insights gained from The Psychology of Investing provide invaluable clues to imperfect human behavior and how to exploit it in the financial markets."-Arnold S. Wood, President and Chief Executive Officer, Martingale Asset Management, L.P.

"In the irrational world of finance, this book uses psychology to see beyond the myth of the 'rational investor.' This clear, easy-to-follow lesson in behavioral economics is truly a shining example of mind over money."-Thomas G. Gutheil, MD, Professor of Psychiatry, Harvard Medical School.

"The contributors break new ground in addressing the complexities of investing from the perspectives of Personality Theory, Behavioral Finance, Organizational Psychology, Statistical Analysis, as well as through the eyes of the savvy market analyst. Eminently readable and technically sophisticated, this volume should stimulate more research into the world of money, markets, and motivations."-Robert W. Siroka, PhD, ABPP,Director, Center for the Pyschosocial Study of Financial Behavior, NYC.

Product Details

  • Hardcover: 208 pages
  • Publisher: Wiley; 1 edition (March 25, 1999)
  • Language: English
  • ISBN-10: 0471183393
  • ISBN-13: 978-0471183396
  • Product Dimensions: 9.3 x 6.4 x 0.8 inches
  • Shipping Weight: 1 pounds (View shipping rates and policies)
  • Average Customer Review: 2.5 out of 5 stars  See all reviews (2 customer reviews)
  • Amazon Best Sellers Rank: #1,424,846 in Books (See Top 100 in Books)

 

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Average Customer Review
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13 of 14 people found the following review helpful:
3.0 out of 5 stars Misses the Mark, July 16, 2000
This review is from: The Psychology of Investing (Wiley Investment) (Hardcover)
The chapters of this book are based on seminars given by various psychology and investment professionals and educators. Although at first this might seem confusing, the content is well presented and flows in a smooth and understandable manner. However, my complaint is that I found the content of this book to focus too much on general psychology rather than the dynamics of an investor's mind. There are far better investment psychology books available, notably books by Martin Pring. I have always found Pring's works to be focused and highly educational.
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8 of 10 people found the following review helpful:
2.0 out of 5 stars Lack of focus, insight nor solution. Not helpful at all., April 30, 2002
This review is from: The Psychology of Investing (Wiley Investment) (Hardcover)
Bascially this book is a collection of eleven chapters contributed by eleven authors, professors...but not serious fund managers or traders, with highly diversified investment and writing skills.

Personally I have no bias towards any profession. However, I have the perception accumulated from my past reading experience that non trader authors are quite inclined to put their emphasis on elaborating their theories to describe what happened, providing elegant data (weakly applicable here) to support their arguments, but doing little on solving nor advising on the problems, and thus failing to satisfy the primary objective of most readers in buying an investment or trading book. This book just reinforced my perception in this respect.

There are many much better trading psychology books in the market like Trader Vic I, Investment Quotient, Trading in the Zone blah blah blah. (Please see my other reviews). I am sure that you will have a much higher return for your investment on them.

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