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The Psychology of Money: An Investment Manager's Guide to Beating the Market Hardcover – December 8, 2000

ISBN-13: 978-0471390749 ISBN-10: 0471390747 Edition: 1st

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Product Details

  • Hardcover: 272 pages
  • Publisher: Wiley; 1 edition (December 8, 2000)
  • Language: English
  • ISBN-10: 0471390747
  • ISBN-13: 978-0471390749
  • Product Dimensions: 1 x 6.3 x 9.2 inches
  • Shipping Weight: 1.3 pounds (View shipping rates and policies)
  • Average Customer Review: 4.0 out of 5 stars  See all reviews (8 customer reviews)
  • Amazon Best Sellers Rank: #2,961,972 in Books (See Top 100 in Books)

Editorial Reviews

Review

"The Psychology of Money is a well-written and entertaining book that challenges money managers and individual investors to rethink their view of the investment decision-making process."(Financial Analysts Journal)

"This book should be read by everyone!" (Mimi Lord, Morningstar Senior Editor)

From the Inside Flap

In a diverse investing climate, investors are always searching for the winning strategy. And with today’s volatile markets and increasingly savvy individual investors and clients, there is exceptional pressure on professional money managers to be more creative than ever before. Unfortunately, despite the wealth of information on techniques and strategies, there has been little innovative guidance for finance professionals—until now.

In The Psychology of Money, financial analyst Jim Ware approaches this crucial topic from a new angle, drawing on both the tools offered by Jungian psychology and his own substantial business experience to present an alternative to trendy strategizing. This eye-opening book reveals how determining one’s "investment personality type" can provide a fuller understanding of how to best approach and react to the intricacies of the market–and, ultimately, profit from them.

Using the Myers-Briggs Typology, a psychological test based on Jungian theory, Ware explains the basic investment personality types and how to use them to identify optimum investing styles. He also provides an intriguing and illuminating examination of the traits of master investors. Professionals will not only learn what their own style should be but understand the value of combining intuition with logic, and of creative collaboration among various personality types to earn the highest returns for their clients.


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Most Helpful Customer Reviews

5 of 5 people found the following review helpful By Brian Schmud on May 2, 2001
Format: Hardcover
After reading Mr. Ware's book, I found his writing style to be witty and concise. However, his book is not at all practical or useful as an investment guide. As a professional money manager, I didn't think that the book had good enough concepts in it to warrant "Beating the Market". Definitely not in the same class as, say, Warren Buffett's annual reports and his letters to the shareholders of Berkshire Hathaway.
I seriously doubt that applying the concepts in this book will be helpful in "beating the market", especially the S&P 500 index, which has consistently beaten approximately 80% of all actively-managed mutual funds.
This book makes a nice attempt at relating psychology to finance but falls short, in my opinion, by falling back into common sense generalities that should already be known, without having to read this book, by those hoping to profit in the markets.
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4 of 4 people found the following review helpful By Kevin Foote on July 1, 2002
Format: Hardcover
This book does not stand out in any fashion other than as a forum for the author to show off his anecdotal tales of philosophy and finance.
I found nothing concrete to implement for my investment style. And the exercises to expand my "mental boundries" for unique thinking, seemed like rehashed, rhetorical self-help.
There was little correlation between the title and the content; again reminding us that one should not judge a book by it's cover.
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2 of 2 people found the following review helpful By Rats on April 30, 2001
Format: Hardcover Verified Purchase
... making you aware of your own/your clients' biases and giving you practical tools to defuse them. Specifically, by way of example, money managers (I am one) will learn to:
- recognize their own typical behavior, or that of colleagues or clients, as belonging to one of several psychological types ... - thereby stopping short of saying/doing stupid things and also circumventing problems at the workplace; - identify actions that will boost behavior that you or your firm seem to lack: creativity, focus, a will to use analytical skills, etc; - identify industry mantras ("team approach", etc) for what they are or identify actions that transform a mantra into action
Overall, I agree with the other reviewers that this book is a surprise, a very positive one. Basically it convinced me that every money manager should have, packed with his/her baggage of technical skills and intelligence (standard and "emotional"), also some psychological training. This book goes some way towards such education.
I am uncomfortable with a couple of Ware's ideas, particularly the "listen to intuition" advice towards the end of the book. As an "owl" I would be inclined to say this, but basically I met too many fakers who would justify rash investment moves only on intuition and long-running experience, lose money or fail to recognize the moment to take profit, and never talk about it afterwards. Intuition may come before analysis, but if it cannot be supported by reasoning I don't see that it should be followed; as a matter of practice you won't be able to anyway, because first you have to sell it to clients, team members, or bosses, and you won't.
But stars measure how good is the book, not how much I agree with it, and this one is great. I'm serious, buy it. Even more so if you don't believe in the psych stuff: do violence unto yourself, buy it now and read it, you'll need it more than others do.
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2 of 2 people found the following review helpful By neal scheyer on January 10, 2001
Format: Hardcover
This book was a pleasant suprise. The title sounds a bit dry, but the writing is engaging and funny. As a professional investor, I found the chapters on people's different attitudes towards money and investing very interesting and useful. Especially in relating to my clients. Best of all, the author provides practical suggestions for each concept that he introduces. I highly recommend this book for professional and amature investors alike. Neal Scheyer Professional Trader
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