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What Investors Really Want: Know What Drives Investor Behavior and Make Smarter Financial Decisions Hardcover – November 16, 2010
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Top Customer Reviews
It is also sobering to know that being a retail trader is like playing tennis against an unknown professional player who holds both superior knowledge and better equipment/techniques.
Prof. Statman's research on the key role of financial advisors is very enlightening. Financial advisors main job is to manage investors financial well-being rather than manage just their investments.
Prof. Statman's research also shows why so many retail and institutional investors share the same cognitive errors that cause them to make poor investment decisions. His research strongly encourages investors to invest in well diversified portfolios and keep emotions at bay by not hanging onto losers due to emotional attachment. He says that wanting to get even (get our money back) has probably caused more destruction on investment portfolios than anything else. Reluctance to realize losses is also great news for managers of terrible mutual funds.
And he tells us about cognitive impairments among older people and the problems associated with such mental decline. This is very important to be aware of and be prepared for regardless of your age.
In summary, this book is multi-dimensional and extremely well researched and well written. Investing your money and your time in this book should pay handsome dividends in your life.
This is a must read for any newbie planning to invest some hard earned cash into stocks. In fact, I would go so far as to say that a lay person should NOT play in stocks without understanding some of the `behavioral' aspects of investing that the author talks about.
My only regret..why didn't I come across this book in 2007, before the markets tanked!!
From buying too much house, too soon, with too little down and on screwy loan terms, to floating an unaffordable household lifestyle on credit cards, poor decision-making can -- and indeed has -- made and broken our household finances and our national economy.
As with weight loss, I've found that with personal finances, people tend to know what they should be doing, but often find their decisions and actions to be in opposition with these shoulds.
In an effort to both illuminate why people do the financial things they do -- especially the "bad" things -- and help us all make better financial decisions going forward, behavioral economist and finance professor Meir Statman has written "What Investors Really Want: Discover What Drives Investor Behavior and Make Smarter Financial Decisions."
In doing so, Statman has crafted an intelligent, nuanced, educational and possibly life-changing book for those who considers themselves a student of personal finance or, well, themselves and why they do the things they do.
These insights are particularly tailored in this book to understanding our behavior in the realm of money matters, but they certainly hold promise for human behavior in the financially tangential areas of our lives, ranging from how we interact with our families to how we care for ourselves (or fail to do so, as the case may be).Read more ›
Most Recent Customer Reviews
A pragmatic look at plain vanilla, long-term investment for the average tortoise who is serious about reaching his retirement goals without the hare's anxiety of calling... Read morePublished 9 months ago by Will T.
why individuals sub optimize their investment decision making that goes beyond prior efforts to explain behavioral finance and the resultant portfolios. Read morePublished on July 31, 2013 by Anthony J DeToto
My problem is that I diliked the content of the book. It was too general and didn't give me what I had hoped.Published on May 30, 2013 by SRP
I heard Meir Stratman (author) speak at a conference for Financial Planners in May 2012--I confess that he didn't hold my attention very well (perhaps it was the 8a session and his... Read morePublished on September 13, 2012 by Amazon Customer
What Investors Really Want is accessible and entertaining. While some of Statman's observations may seem to be obvious, common sense observations, others may be less apparent. Read morePublished on February 17, 2012 by Reed Maxson