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Snap Judgment: When to Trust Your Instincts, When to Ignore Them, and How to Avoid Making Big Mistakes with Your Money
 
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Snap Judgment: When to Trust Your Instincts, When to Ignore Them, and How to Avoid Making Big Mistakes with Your Money (Hardcover)

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4.1 out of 5 stars  See all reviews (48 customer reviews)
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Editorial Reviews

From Publishers Weekly

Adler (co-editor of Understanding American Economic Decline), a behavioral finance expert, explores the psychology of how we make financial decisions and argues that when it comes to investing, our intuition might lead us astray. The author surveys the mechanics of decision making in a variety of arenas—gambling, sports, health care and credit card selection—and homes in on the advanced analytical techniques used by sophisticated investors. He provides psychological profiles of Wall Street CEOs and surveys the current crisis with an optimistic bent—providing strategies for investors and businesspeople to escape their evolutionary propensity for snap judgments and become more cautious where their money is concerned. Adler's argument is illuminating and reveals that, when it comes to investing, we should always have second thoughts about our first impressions. (July)
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.

Product Description

"Adler's argument is illuminating and reveals that, when it comes to investing, we should always have second thoughts about our first impressions." --Publisher's Weekly WHY YOUR INSTINCTS CAN BE YOUR #1 ENEMY--AND HOW TO DEFEAT THEM! "David Adler's Snap Judgment is a well-written, entertaining review of human action in risky situations, including stock market behavior and other risk-facing situations. In particular, Adler recounts the conclusions of many practitioners and behavioral finance scholars who have studied such matters. This book is well worth reading, both for its practical advice for the novice and its wealth of illustrations for the pro." -- Harry Markowitz, Nobel Laureate in Economics and father of modern portfolio theory "David Adler has done a great public service by translating a dazzling array of research in economics and finance into practical terms that anyone can understand and profit from. This book should be required reading for every investor." -- Andrew W. Lo, Professor of Finance, MIT Sloan School of Management "Investing and managing your money on the basis of emotion, instincts, and intuition is a road straight to the poorhouse. This book teaches you why--and how to rid yourself of the irrational impulses that torment your portfolio." -- Peter Navarro, bestselling author of If It's Raining in Brazil, Buy Starbucks and The Coming China Wars "Adler's book makes a compelling case, illustrated through engaging examples, that the mind and the purse are well served by the triumph of analytic intelligence over intuition." -- Gary Loveman, Chairman, President, & CEO, Harrah's Entertainment, Inc.
See all Editorial Reviews

Product Details

  • Hardcover: 288 pages
  • Publisher: FT Press; 1 edition (June 19, 2009)
  • Language: English
  • ISBN-10: 0137147783
  • ISBN-13: 978-0137147786
  • Product Dimensions: 9.1 x 5.9 x 1.2 inches
  • Shipping Weight: 1.1 pounds (View shipping rates and policies)
  • Average Customer Review: 4.1 out of 5 stars  See all reviews (48 customer reviews)
  • Amazon.com Sales Rank: #439,903 in Books (See Bestsellers in Books)

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David E. Adler
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Customer Reviews

48 Reviews
5 star:
 (23)
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 (13)
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 (8)
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 (2)
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 (2)
 
 
 
 
 
Average Customer Review
4.1 out of 5 stars (48 customer reviews)
 
 
 
 
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Most Helpful Customer Reviews

 
5 of 5 people found the following review helpful:
5.0 out of 5 stars Better than I thought, August 20, 2009
By Jaronimo (NJ, the garden state) - See all my reviews
  
Customer review from the Amazon Vine™ Program (What's this?)
I was drawn to this book because I love to read about financial markets and psychology. Since this combined both of them I instantly had to read it. I was not expecting too much because I have read many books on this same area and thought "how much new info could this book really have?" Surprisingly it did have a few things that made me think.

One thing I have learned over the years is that my first instinct in most areas of my life is the correct one. I have also learned that my first instinct when it comes to trading and investing, is usually the wrong one. Actually I did quite a bit better taking the exact opposite viewpoint. Why is that? David Adler explained his theory on it in this book.

The author takes a pretty complicated subject and explains it in an extremely understandable way. Usually giving multiple examples of the same topic, so even if you were a little fuzzy on one explanation, the other one should clear it up.

Basically this book helps you think through your investing strategy. It explains why some choices are good, and why some are bad. Most of the bad ones are the choices that most of us make naturally.
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4 of 4 people found the following review helpful:
5.0 out of 5 stars Good Read, August 14, 2009
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The author's purpose is to show us how our bad decision making can lead us into trouble such as gambling, and using psychology for financial decisions

Most interesting are the stories he tells and one which is really remarkable was that

most people were willing to take a sure $500 instead of a 15% chance at making a $1 million. How people come to making their judgement calls is amazing

He talks about the pitfalls like overconfidence, that can lead to leads to things like excessive risk-taking,

Overall, I liked the book.it was easy to read and examples the author uses are entertaining and easy to understand Plus one chapter does not build on the previous ones so you can pretty much open the book and begin reading
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4 of 4 people found the following review helpful:
5.0 out of 5 stars I Judge Myself To Be A Better Investor Now, August 3, 2009
By Avram Levy (Boston, MA) - See all my reviews
My intuition proved correct when I decided to buy David Adler's book. Nonetheless, I was surprised by the author's high level of sophistication and yet how clearly he writes. He's also a witty guy.
I learned not only about economics and psychology, but also about myself. For instance, after taking the short test prepared by the Yale School of Management I was surprised to learn I was almost pathologically "risk averse." (Maybe that's one reason my investments have done so poorly...) I'll certainly use that information when I interview my NEXT financial planner, and I'll use the advice Adler distills from Nobel Laureates in economics and psychology. That advice is also useful when considering whether to buy insurance, annuities, and so on.
In sum, the book gives great insights into the ways financial markets work and the way investors -- of whom I am one -- think. Next time, I actually may have a shot at building a better portfolio.
Thank you, David Adler!
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Most Recent Customer Reviews

5.0 out of 5 stars A Fascinating Read for Making Smarter Decisions in Any Part of Your Life
Whether you are interested in decision making, investing or human behavior this book is a helpful and fun read. Read more
Published 18 days ago by Kare Anderson

5.0 out of 5 stars A Welcome Surprise
David Adler's "Snap Judgement" was a welcome surprise. My knowledge of, and interest in, economics is limited at best. Read more
Published 2 months ago by Ellen V. Amel

5.0 out of 5 stars Got the book to avoid the problem, learned that I HAD the problem already!
As a moderately active day trader, I got this book so that I could learn how to avoid making rash decisions while I trade stocks, even though I felt like I was pretty good at that... Read more
Published 2 months ago by Corey Scott

3.0 out of 5 stars Wait for Adler's show on PBS...
Adler writes an interesting book however like two other reviewers stated I felt that the title and cover could be misleading. Read more
Published 3 months ago by Maria Poole

3.0 out of 5 stars Interesting stuff but not much of a help for stock traders
My mistake in reading this book was assuming that it would offer me some great insights that might assist me in stock trading. Read more
Published 3 months ago by D. Michael Elkins

4.0 out of 5 stars Sound Advice in an Entertaining Package
I really enjoyed this book & took my time reading it (about a chapter a day) to let it all sink in. David Adler is a behavioral finance expert (combining two great interest sets... Read more
Published 4 months ago by Kerri Elders

3.0 out of 5 stars "oh, that's interesting..." - a capable summary of concepts in behavioral economics
This book is, apparently, intended as a survey of general
behavioral economics for the non-academic. Read more
Published 4 months ago by Loren Woirhaye

4.0 out of 5 stars snap to attention
Sometimes my gut feel is right on and sometimes it's running like a scared little girl. This is an interesting look at the issues of emotion.
Published 4 months ago by Joanna Daneman

4.0 out of 5 stars Why our money instincts are bad, and how to think better
Snap Judgment is essentially a summary of behavioral finance findings. This field is an extension of the heuristics and biases research program into the realm of finance... Read more
Published 4 months ago by Todd I. Stark

4.0 out of 5 stars Very good, relatively easy-to-read business advice
People are impulsive, and they make bad decisions. We all know that. What helps, more than anything, is understanding why you behave that way, so that you can figure out how to... Read more
Published 4 months ago by Raymond Brigleb

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