James Montier

Behavioural Investing (eBook, PDF)

A Practitioner's Guide to Applying Behavioural Finance

• Format: PDF

Produktbeschreibung

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

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Produktdetails

• Verlag: John Wiley & Sons
• Seitenzahl: 728
• Erscheinungstermin: 2. August 2008
• Englisch
• ISBN-13: 9780470519158
• Artikelnr.: 37294984

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)