Behavioural Investing

James Montier 지음

Wiley 2009년 10월 09일 출간

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책소개

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 financeAn executive summary for every chapter with key points highlighted at the chapter startInformation on the key behavioural biases of professional investors, including The seven sins of fund management, Investment myth busting, and The Tao of investingPractical examples showing how using a psychologically inspired model can improve on standard, common practice valuation toolsWritten by an internationally renowned expert in the field of behavioural finance

목차

Preface xviiAcknowledgments xxiSECTION I: COMMON MISTAKES AND BASIC BIASES 11 Emotion, Neuroscience and Investing: Investors as Dopamine Addicts 32 Part Man, Part Monkey 173 Take aWalk on the Wild Side 374 Brain Damage, Addicts and Pigeons 475 What Do Secretaries&' Dustbins and the Da Vinci Code have in Common? 556 The Limits to Learning 63SECTION II: THE PROFESSIONALS AND THE BIASES 777 Behaving Badly 79SECTION III: THE SEVEN SINS OF FUND MANAGEMENT 958 A Behavioural Critique 979 The Folly of Forecasting: Ignore all Economists, Strategists, Analysts 10510 What Value Analysts? 12311 The Illusion of Knowledge or Is More Information Better Information? 13312 WhyWaste Your Time Listening to Company Management? 14313 Who's a Pretty Boy Then? Or Beauty Contests, Rationality and Greater Fools 16114 ADHD, Time Horizons and Underperformance 17915 The Story is The Thing (or The Allure of Growth) 18916 Scepticism is Rare or (Descartes vs Spinoza) 19717 Are Two Heads Better Than One? 209SECTION IV: INVESTMENT PROCESS AS BEHAVIOURAL DEFENCE 21718 The Tao of Investing 219PART A: THE BEHAVIORAL INVESTOR 22319 Come Out of the Closet (or, Show Me the Alpha) 22520 Strange Brew 23521 Contrarian or Conformist? 24722 Painting by Numbers: An Ode to Quant 25923 The Perfect Value Investor 27124 A Blast from the Past 27925 Why Not Value? The Behavioural Stumbling Blocks 293PART B: THE EMPIRICAL EVIDENCE: VALUE IN ALL ITS FORMS 30526 Bargain Hunter (or It Offers Me Protection) 307Written with Rui Antunes27 Better Value (or The Dean Was Right!) 329Written with Rui Antunes28 The Little Note that Beats the Market 337Written with Sebastian Lancetti29 Improving Returns Using Inside Informa

출판사 서평

"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)

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저자(글) James Montier

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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.