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The Little Book of Behavioral Investing: How not to be your own worst enemy Hardcover – Jan 26 2010

4.2 out of 5 stars 5 customer reviews

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Product Details

  • Hardcover: 236 pages
  • Publisher: Wiley; 1st (first) edition (Jan. 26 2010)
  • Language: English
  • ISBN-10: 0470686022
  • ISBN-13: 978-0470686027
  • Product Dimensions: 13.5 x 2.3 x 18.5 cm
  • Shipping Weight: 299 g
  • Average Customer Review: 4.2 out of 5 stars 5 customer reviews
  • Amazon Bestsellers Rank: #53,827 in Books (See Top 100 in Books)
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Product Description

From the Inside Flap

Ben Graham, the father of value investing, once said: "The investor's chief problem—and even his worst enemy—is likely to be himself." Sadly, Graham's words are still true today. Bias, emotion, and overconfidence are just three of the many behavioral traits that can lead investors to lose money or achieve lower returns. Fortunately, behavioral finance, which recognizes that there is a psychological element to all investor decision making, is now firmly embedded in the mainstream of finance. Applying behavioral principles to an investment portfolio can help investors avoid some of the mental pitfalls that so often cost them, and financial institutions, billions.

In The Little Book of Behavioral Investing, behavioral finance expert James Montier takes you on a guided tour of the most common behavioral challenges and mental pitfalls that investors encounter, and provides you with strategies to eliminate these traits. Along the way, he shows how some of the world's best investors have tackled the behavioral biases that drag down investment returns, so that you might be able to learn from their experiences.

Page by page, Montier explains the importance of learning to prepare, plan, and then commit to a strategy—that is, do your investment research while you are in a "cold" rational state, when nothing much is happening in the markets—and then pre-commit to following your analysis and action steps. He also stresses the folly of trying to forecast what the markets will do, and reveals how the idea of investing without pretending you know the future gives you a very different perspective. Throughout the book, Montier stresses why the need to focus on process rather than outcomes is critical in investing. Focusing upon process, he shows, frees us up from worrying about aspects of investment that we really can't control—such as returns. By focusing upon process, we maximize our potential to generate good long-term profits.

The Little Book of Behavioral Investing offers a range of time-tested ways to identify and avoid the pitfalls of investor bias. By following these simple strategies, you will learn to overcome your own worst enemy when it comes to investments—yourself.

From the Back Cover

Praise for The Little Book Of Behavioral Investing

"The Little Book of Behavioral Investing is an important book for anyone who is interested in understanding the ways that human nature and financial markets interact."
Dan Ariely, James B. Duke Professor of Behavioral Economics, Duke University, and author of Predictably Irrational

"In investing, success means being on the right side of most trades. No book provides a better starting point toward that goal than this one."
Bruce Greenwald, Robert Heilbrunn Professor of Finance and Asset Management, Columbia Business School

"'Know thyself.' Overcoming human instinct is key to becoming a better investor. You would be irrational if you did not read this book."
Edward Bonham-Carter, Chief Executive and Chief Investment Officer, Jupiter Asset Management

"There is not an investor anywhere who wouldn't profit from reading this book."
Jeff Hochman, Director of Technical Strategy, Fidelity Investment Services Limited

"James Montier gives us a very accessible version of why we as investors are so predictably irrational, and a guide to help us channel our 'Inner Spock' to make better investment decisions. Bravo!"
John Mauldin, President, Millennium Wave Investments

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Top Customer Reviews

Format: Hardcover Verified Purchase
I like James Montier and he gives very good advice in his book. He is a value/contrarian investor at heart. I found that as good as his book was it did seem to delve a bit to much into psychology, however with that said it was a very good book. If you are interested in this you might also want to check out books by David Dreman.
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Format: Hardcover Verified Purchase
Any potential investor should read this book before they start. Know thyself is the word of Socrates the philosopher. This book in a nutshell can't review such a complex topic. The author references his work so any one whishing to
go further may dwell on these. I found this topic closely relates to emotional intelligence. All in all what I've learned
was well worth the price of the book. Only drawback on having 5 stars is the book becoming sometime too technical as I fell little blue books mission should be introductory.
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Format: Hardcover Verified Purchase
Some good ideas for changing the way you look at the investing game. Some very practical ideas for changing the way you look at the daily investment climate.
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Format: Hardcover Verified Purchase
Everyone should read this book if they are interested in investing. The author really makes you more aware that emotion and investing don't go together and not to follow the heard, listen to forecasters and specialists and trust your own knowledge. I am going to reread this book every year to keep me on my toes.....LMS
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Format: Hardcover Verified Purchase
Well written. Ease to read. Provides scientific support for why investors have many non-obvious and counter-productive behaviours.
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