James Montier

Behavioural Investing

• Gebundenes Buch

Produktbeschreibung

Behavioural Investing: A Practitioners Guide to Applying Behavioural Finance defines the principles of behavioral finance and shows how they can be applied in practice. The only text written by a finance practitioner, the book uses a test made up of twenty quick questions that readers must take at the beginning of the book, which illustrate how readers suffer from most of the biases discussed in the book. It shows practical examples of why it pays to think differently and why going with the herd can do more harm than good.

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Behavioural investing seeks to bridge the gap between psychology and investing. All too many investors are unaware of the mental pitfalls that await them. Even once we are aware of our biases, we must recognise that knowledge does not equal behaviour. The solution lies is designing and adopting an investment process that is at least partially robust to behavioural decision-making errors.

Behavioural Investing: A Practitioner's Guide to Applying Behavioural Finance explores the biases we face, the way in which they show up in the investment process, and urges readers to adopt an empirically based sceptical approach to investing. This book is unique in combining insights from the field of applied psychology with a through understanding of the investment problem. The content is practitioner focused throughout and will be essential reading for any investment professional looking to improve their investing behaviour to maximise returns.

Key features include:

_ The only book to cover the applications of behavioural finance.
_ An executive summary for every chapter with key points highlighted at the chapter start.
_ Information on the key behavioural biases of professional investors, including The seven sins of fund management, Investment myth busting, and The Tao of investing.
_ Practical examples showing how using a psychologically inspired model can improve on standard, common practice valuation tools.

Written by an internationally renowned expert in the field of behavioural finance.

Produktdetails

• Wiley Finance Series
• Verlag: Wiley & Sons
• Artikelnr. des Verlages: 14551670000
• 1. Auflage
• Seitenzahl: 736
• Erscheinungstermin: 21. September 2007
• Englisch
• Abmessung: 250mm x 175mm x 43mm
• Gewicht: 1380g
• ISBN-13: 9780470516706
• ISBN-10: 0470516704
• Artikelnr.: 22927413

Autorenporträt

JAMES MONTIER is the global equity strategist at Dresdner Kleinwort in London. He has been the top rated strategist in the annual Extel survey for the last two years. He is also the author of Behavioural Finance , published by Wiley in 2000. James was on the 50 must read analysts list complied by the Business magazine, and was one of the Financial News Rising Stars.
James is a regular speaker at both academic and practitioner conferences, and is regarded as the leading authority on applying behavioural finance to investment. He is also a visiting fellow at the University of Durham. James is also a fellow of the Royal Society of Arts. He has been described as a maverick by the Sunday Times, an enfant terrible by the FAZ, and a prophet by the Fast Company! When not writing or reading, he can usually be found blowing bubbles at fish and swimming with sharks.

Inhaltsangabe

Preface Acknowledgments SECTION I: COMMON MISTAKES AND BASIC BIASES 1
Emotion, Neuroscience and Investing: Investors as Dopamine Addicts 2 Part
Man, Part Monkey 3 Take aWalk on the Wild Side 4 Brain Damage, Addicts and
Pigeons 5 What Do Secretaries' Dustbins and the Da Vinci Code have in
Common? 6 The Limits to Learning SECTION II: THE PROFESSIONALS AND THE
BIASES 7 Behaving Badly SECTION III: THE SEVEN SINS OF FUND MANAGEMENT 8 A
Behavioural Critique 9 The Folly of Forecasting: Ignore all Economists,
Strategists, & Analysts 10 What Value Analysts? 11 The Illusion of
Knowledge or Is More Information Better Information? 12 WhyWaste Your Time
Listening to Company Management? 13 Who's a Pretty Boy Then? Or Beauty
Contests, Rationality and Greater Fools 14 ADHD, Time Horizons and
Underperformance 15 The Story is The Thing (or The Allure of Growth) 16
Scepticism is Rare or (Descartes vs Spinoza) 17 Are Two Heads Better Than
One? SECTION IV: INVESTMENT PROCESS AS BEHAVIOURAL DEFENCE 18 The Tao of
Investing PART A: THE BEHAVIORAL INVESTOR 19 Come Out of the Closet (or,
Show Me the Alpha) 20 Strange Brew 21 Contrarian or Conformist? 22 Painting
by Numbers: An Ode to Quant 23 The Perfect Value Investor 24 A Blast from
the Past 25 Why Not Value? The Behavioural Stumbling Blocks PART B: THE
EMPIRICAL EVIDENCE: VALUE IN ALL ITS FORMS 26 Bargain Hunter (or It Offers
Me Protection) 27 Better Value (or The Dean Was Right!) 28 The Little Note
that Beats the Market 29 Improving Returns Using Inside Information 30 Just
a Little Patience: Part I 31 Just a Little Patience: Part II 32 Sectors,
Value and Momentum 33 Sector-Relative FactorsWorks Best 34 Cheap Countries
Outperform PART C: RISK, BUT NOT AS WE KNOW IT 35 CAPM is CRAP (or, The
Dead Parrot Lives!) 36 Risk Managers or Risk Maniacs? 37 Risk: Finance's
Favourite Four-Letter Word SECTION V: BUBBLES AND BEHAVIOUR 38 The Anatomy
of a Bubble 39 De-bubbling: Alpha Generation 40 Running with the Devil: A
Cynical Bubble 41 Bubble Echoes: The Empirical Evidence SECTION VI:
INVESTMENT MYTH BUSTERS 42 Belief Bias and the Zen Investing 43 Dividends
Do Matter 44 Dividends, Repurchases, Earnings and the Coming Slowdown 45
Return of the Robber Barons 46 The Purgatory of Low Returns 47 How
Important is the Cycle? 48 Have We Really Learnt So Little? (Part I -
Earnings; Levels not Trends) 49 Some Random Musings on Alternative Assets
SECTION VII: CORPORATE GOVERNANCE AND ETHICS 50 Abu Ghraib: Lesson from
Behavioural Finance and for Corporate Governance 51 Doing the Right Thing
or the Psychology of Ethics 52 Unintended Consequences and Choking under
Pressure: The Psychology of Incentives SECTION VIII: HAPPINESS 53 If It
Makes You Happy 54 Materialism and the Pursuit of Happiness References
Index

Rezensionen

"It is quite simply the best and most comprehensive treatment of the subject to date." (Financial Times, Monday 3rd December 2007)

"The Year's most exhaustive, and often entertaining, coverage of the behavioural literature." (Financial Times, Saturday 15th December 2007)

"...one of the few 'must read' books on the topic of investing." (The Herald - Glasgow, Saturday 2nd February 2008)

"...a fantastic insight into how markets operate... [and] one of the few "must read" on the topic of investing." (The Herald, Sat 2nd February 2008)