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What Investors Really Want: Know What Drives Investor Behavior and Make Smarter Financial Decisions Hardcover – May 4 2010

4.0 out of 5 stars 3 customer reviews

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Product Details

  • Hardcover: 304 pages
  • Publisher: McGraw-Hill Education; 1 edition (Nov. 16 2010)
  • Language: English
  • ISBN-10: 0071741658
  • ISBN-13: 978-0071741651
  • Product Dimensions: 16 x 2.5 x 23.6 cm
  • Shipping Weight: 1.3 Kg
  • Average Customer Review: 4.0 out of 5 stars 3 customer reviews
  • Amazon Bestsellers Rank: #436,666 in Books (See Top 100 in Books)
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Product Description

About the Author

Meir Statman is the Glenn Klimek Professor of Finance at the Leavey School of Business, Santa Clara University, and Visiting Professor at Tilburg University in the Netherlands. His research on behavioral finance has been supported by the National Science Foundation, CFA Institute, and Investment Management Consultants Association (IMCA) and has been published in the Journal of Finance, Financial Analysts Journal, Journal of Portfolio Management, and many other publications. A recipient of two IMCA Journal Awards, the Moskowitz Prize for Best Paper on Socially Responsible Investing, and three Graham and Dodd Awards, Statman consults with many investment companies and presents his work to academics and professionals in the U.S. and abroad.

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Format: Hardcover
I have always been told by those more imminently qualified in the financial world that one should never invest if one cannot take the losses with the gains. Good advice for the likes of me who has had the occasional tendency to panic when handling market reverses. Professor Statman addresses that point and numerous others as he examines the opaque world of personal investments from psychological and practical vantages. For starters, Statman looks into the world of emotions that play an enormous role in deciding when to sink our money in a venture. Because the typical investor will bring his feelings to the table as to market timing, Statman makes his reader fully aware of what can go wrong if they forget to think. Failure to know what they are investing in or what can happen to their investment in the course of a business cycle may spell disaster. The little investors are also prone to being exploited by traders and companies who want to naturally take advantage of their naive optimism. It has often been said that when brokers start talking up a stock or a bond, the profit has already been taken, and all that remains is a sucker to buy it at an unsupportable price. Statman delves into many other investor traps and mindsets that both complicate and clarify its outcomes. The investor wants increased fairness, more regulation, easy deals, and little risk in all his financial dealings but is often not prepared to understand the intricacies of what he or she is actually involved in. The fallacy is one of treating personal investments, at worst, as a break-even gamble that gets better over time.Read more ›
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Format: Hardcover
Meir Statman's work reviews many different social, psychological and personal aspects of the desires, fears and motivators of investors. It is an important book that helps investors understand what drives their own behaviour. Knowing your own investment psyche is important to avoid common pitfalls, avoid likely knee-jerk reactions to market activities, and how to use tactics to encourage your own desired actions.

What Investors Really addresses exactly what the title says it will address. The book is an extremely thorough, and very well researched - as it covers many different types of investment personalities, fears and desires. It covers many aspects of emotions that investors experience, as they want safety, well fed pride, a sense of social exclusivity, and exceptional returns. Statman covers aspects of investor philanthropy, tax evasion, and will & estate planning to investing as a player wanting to win, gaining social status, and the tendency not to want to own up to losses. With a great sense of humour, Statman identifies and pokes fun at one tendency or another - found in all of us.

Great read for any investor, or investor you know.
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Format: Hardcover
I was looking forward to reading this book. I thought it would talk about investor psychology, and help me gain insights into my own financial behaviours. Instead, I found the book meandering, and often could not tell what point the author was trying to make in each chapter. It seemed like a bunch of interesting points all mushed together, like a trivia book. It is definitely a well researched book, and the author is definitely knowledgable. Unfortunately, after reading the book, I cannot say I learned one thing about the investment world that I already did not know about or learn anything new about myself.
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Most Helpful Customer Reviews on Amazon.com (beta)

Amazon.com: 4.3 out of 5 stars 25 reviews
1 of 1 people found the following review helpful
4.0 out of 5 stars reading time well spent Feb. 17 2012
By Reed Maxson - Published on Amazon.com
Format: Hardcover Verified Purchase
What Investors Really Want is accessible and entertaining. While some of Statman's observations may seem to be obvious, common sense observations, others may be less apparent. Investors who are generally "utilitarian" (primarily seeking financial benefits) may not be as consciously aware of "expressive" and "emotional" objectives (such as status and respect) which may influence choices. Investors can be subjective in how they view the performance of their selected investments and can have unrealistic hopes and fears. Probably of greater interest than a discussion of specific investment vehicles is the discussion of the human, psychological elements which can (always?) influence decisions. It is a discussion worth having, and Statman's presentation has more of a dinner table discussion quality than that of a textbook, yet he includes abundant examples, studies and footnotes.

One topic that seems too simplistically covered is how investors view real losses versus paper losses. Statman essentially states that a loss is a loss. But an investor is not necessarily in denial if a share price drops and the investor does not think of it as a loss except on paper. The investor still owns the same number of shares and may be purchasing more shares at a discounted price with reinvested dividends. This type of "loss" could ultimately be of great benefit. It seems that Statman's view is focused on the short term in this regard.

Over all, a very good presentation.
4.0 out of 5 stars Aesop Revisited Aug. 18 2015
By Will T. - Published on Amazon.com
Format: Kindle Edition Verified Purchase
A pragmatic look at plain vanilla, long-term investment for the average tortoise who is serious about reaching his retirement goals without the hare's anxiety of calling bottoms/tops or following day-to-day highs/lows. Definitely not for the day-trader or viewer of CNBC. But eye-opening for most of the rest of us.
2 of 2 people found the following review helpful
5.0 out of 5 stars A Human View on Investing Jan. 7 2011
By Sheldon McFarland - Published on Amazon.com
Format: Hardcover Verified Purchase
Finally a book that analyzes the stock market as it really is, a group of human beings bidding for a scarce resource. Meir does a great job of pointing this out in his book and helps readers to understand that we are human beings and that we have certain emotions, biases, and mental errors that influence our investment decisions. This is a must read for anyone investing money in the stock market and should be the foundation for anyone getting into investing for the first time.
7 of 8 people found the following review helpful
5.0 out of 5 stars Irrational Investors Nov. 26 2010
By Allan S. Roth - Published on Amazon.com
Format: Hardcover Verified Purchase
Meir Statman's book, What Investors Really Want, does a great job of describing what motivates us in investing. Sure we are motivated by financial gain but, because we want more, we act in ways that reduce these gains.

Investors want to feel good and safe to maximize their emotional well being. Our desire for that feel good feeling drives us to buy stocks in up markets, only to panic in down markets and sell in an effort to feel safe. We also feel good thinking we are smarter than the person on the other side of any trade.

Beyond emotional well being, investors want to express their values, tastes and status. Hedge funds, for example, signify that one is a sophisticated investor and member of an exclusive club.

This is truly one of the great books on behavioral finance. If you want to learn more about your behavioral traits, this is a must read. It had me thinking the whole way through, and I could identify in many of the irrational ways I want to react. It was also a very entertaining read and one of the few books I just couldn't put down.

How a Second Grader Beats Wall Street: Golden Rules Any Investor Can Learn
5.0 out of 5 stars An Exellent Addition to your Financial Library Oct. 20 2011
By James R. Peters - Published on Amazon.com
Format: Hardcover Verified Purchase
Meir Statman hits a home run with this one. The tone of this book is comical as he navigates the seas of behavioral finances. This is a must read for individuals who choose to manage their own investments. The lessons learned in this book can save you time and $$$. Industry professionals will also find the book informative and entertaining. I found myself reminiscing and laughing about previous mistakes and subsequent lessons learned. Definitely worth a read!


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