What investors really want: discover what drives investor behavior and make smarter financial decisions ; [learn the lessons of behavioral finance]
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
New York [u.a.]
McGraw-Hill
2011
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XVIII, 286 S. |
| ISBN: | 9780071741651 0071741658 |
Internformat
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Datensatz im Suchindex
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|---|---|
| adam_text | Contents
INTRODUCTION:
What We Want
ix
We want more than high profits from our investments. We want to be
number
1
and beat the market. We want to nurture hope for riches and
banish fear of poverty. We want to feel the pride of profits and avoid the
regret of losses. We want the sophistication of hedge funds and the virtue of
socially responsible funds. And we want to leave a legacy for our children.
CHAPTER
1:
We Want Profits Higher than Risks
1
Investments with profits equal to their risks are as easy to find as good
lunches at fair prices. But we want free lunches, not fair ones, and we are
always searching for investments with profits higher than risks.
CHAPTER
2:
We Have Thoughts, Some Erroneous
17
Cognitive errors mislead us into thinking that investments with profits
higher than risks are easy to find. Hindsight errors are one example,
misleading us into thinking that we have seen investment winners in
foresight when, in truth, we have seen them only in hindsight
CHAPTER
3:
We Have Emotions, Some Misleading
37
Emotions, like cognitive errors, draw us into promises of profits higher than
risks. Exuberance highlights profits and obscures risks; fear highlights risks
and obscures profits; and unrealistic optimism exaggerates our investment
skills and chances.
CHAPTER
4:
We Want to Play, and Win
55
lhe
game of finding investments with profits higher than risks is tempting,
even when we know that it is difficult to win. Playing the game makes
us feel alive, in the groove, in control, and in the flow. And winning is
exhilarating.
vj
Contents
CHAPTER
5:
We Join Herds and Inflate Bubbles
67
We stampede into investments in exuberance and stampede out in fear. We
inflate bubbles and deflate them. Our herding instinct also opens the door
to frauds, where early fools pull in late fools, and all turn into losers.
CHAPTER
6:
We Want Self-Control and
Mental Accounts
81
We do not spend dollars from hard-earned mental accounts as easily as
we spend dollars won in lotteries. Mental accounting facilitates self-control,
stopping us from buying a shiny new car today when we need the money
for retirement tomorrow.
CHAPTER
7:
We Want to Save for Tomorrow and
Spend It Today
93
We try to strike a balance between saving too little and saving too much.
Mental accounting helps us distinguish what we are permitted to spend
from what we must save. Self-control helps us manage our conflicting
desires to spend and save.
CHAPTER
8:
We Want Hope for Riches and
Freedom from the Fear of Poverty
107
Investors who hate risk buy insurance policies, while investors who love
risk buy lottery tickets. Yet most of us buy both, just as we buy both safe
bonds and risky stocks. We are motivated by our twin desires of hope for
riches and freedom from the fear of poverty.
CHAPTER
9:
We Have Similar Wants and
Different Ones
119
Some investors are passionate about hope, while others care more about
freedom from fear. Our personalities, life experiences, and cultures weigh
on the balance we strike between hope and freedom from fear.
Contents
vii
CHAPTER
10:
We Want to Face No Losses
133
Profits bring pride while losses inflict regret. Realizing losses is especially
painful because we give up hope of recouping our losses. So we realize
gains quickly and procrastinate in the realization of losses.
CHAPTER
11:
We Want to Pay No Taxes
151
Some investors greet taxes with acceptance or resignation. Some feel smart
and savvy when they avoid taxes. Some are angry that taxes are wasted by
politicians. And some are willing to forego
$5,000
in profits to avoid paying
$4,000
in taxes.
CHAPTER
12:
We Want High Status and
Proper Respect
161
Hedge funds open their doors only to the rich, making it easy to brag about
riches without appearing to brag. Yet wealth does not always bring respect.
Women investors resented disrespect a century ago, and they resent
condescending attitudes today.
CHAPTER
13:
We Want to Stay True to Our Values
177
Some socially responsible investors are willing to sacrifice investment
profits for human rights and others are willing to sacrifice profits for a
clean environment. Values extend beyond social responsibility to religion,
ideology, patriotism, and philanthropy.
CHAPTER
14:
We Want Fairness
195
We want to play on level playing fields in sports, investments, and every
other field. We boycott stores that treat their employees unfairly, protest
unfair investment practices, and forego profits to avoid money managers
whose fairness we suspect.
viii Contents
CHAPTER
15:
We Want to Invest in Our Children
and Families
209
We prod our children to do well in school and we save for their college
expenses. Middle-class parents worry that they might not have enough for
their children s education. Rich parents worry that their children would
feel entitled to spend what they do not earn.
CHAPTER
16:
We Want Education, Advice,
and Protection
223
We are increasingly responsible for our financial futures. We seek
information, protection, and advice from financial advisors, the Internet,
the government, and other investors. Some advice is good and some is bad.
Some sticks with us and some washes away.
CONCLUSION: What We Have
237
Some trade investments because they have a true advantage over other
traders. Others trade investments because cognitive errors mislead them.
Yet others trade because they want to enjoy the thrill of trading. Still, it is
important to distinguish truth from cognitive errors and cognitive errors
from wants. And it is important to remember that investments are about
life beyond money.
NOTES
243
INDEX
275
|
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| spelling | Statman, Meir Verfasser (DE-588)170002829 aut What investors really want discover what drives investor behavior and make smarter financial decisions ; [learn the lessons of behavioral finance] Meir Statman New York [u.a.] McGraw-Hill 2011 XVIII, 286 S. txt rdacontent n rdamedia nc rdacarrier Psychologie Investments / Psychological aspects Investment analysis / Psychological aspects Kapitalanlage (DE-588)4073213-7 gnd rswk-swf Psychologie (DE-588)4047704-6 gnd rswk-swf Kapitalanlage (DE-588)4073213-7 s Psychologie (DE-588)4047704-6 s DE-604 Digitalisierung UB Bayreuth application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=022532574&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Statman, Meir What investors really want discover what drives investor behavior and make smarter financial decisions ; [learn the lessons of behavioral finance] Psychologie Investments / Psychological aspects Investment analysis / Psychological aspects Kapitalanlage (DE-588)4073213-7 gnd Psychologie (DE-588)4047704-6 gnd |
| subject_GND | (DE-588)4073213-7 (DE-588)4047704-6 |
| title | What investors really want discover what drives investor behavior and make smarter financial decisions ; [learn the lessons of behavioral finance] |
| title_auth | What investors really want discover what drives investor behavior and make smarter financial decisions ; [learn the lessons of behavioral finance] |
| title_exact_search | What investors really want discover what drives investor behavior and make smarter financial decisions ; [learn the lessons of behavioral finance] |
| title_full | What investors really want discover what drives investor behavior and make smarter financial decisions ; [learn the lessons of behavioral finance] Meir Statman |
| title_fullStr | What investors really want discover what drives investor behavior and make smarter financial decisions ; [learn the lessons of behavioral finance] Meir Statman |
| title_full_unstemmed | What investors really want discover what drives investor behavior and make smarter financial decisions ; [learn the lessons of behavioral finance] Meir Statman |
| title_short | What investors really want |
| title_sort | what investors really want discover what drives investor behavior and make smarter financial decisions learn the lessons of behavioral finance |
| title_sub | discover what drives investor behavior and make smarter financial decisions ; [learn the lessons of behavioral finance] |
| topic | Psychologie Investments / Psychological aspects Investment analysis / Psychological aspects Kapitalanlage (DE-588)4073213-7 gnd Psychologie (DE-588)4047704-6 gnd |
| topic_facet | Psychologie Investments / Psychological aspects Investment analysis / Psychological aspects Kapitalanlage |
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