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This book describes the important psychological biases that influence investment decisions. By recognizing, understanding, and avoiding these problems, investors can minimize the negative effects on their wealth.

212095.rar (1.51 MB) 本附件包括：

• Investment Madness - How Psychology Affects Your - Investing and What to Do About It.pdf

2008-5-12 10:42:00 上传

[下载] Investment Madness

Table of Contents:
TABLE OF CONTENTS
INTRODUCTION  xi
Chapter 1 Your Behavior Matters!  2
Why Haven’t I Heard of This Before?  4
A Simple Illustration  4
Prediction  5
Behavioral Finance  8
The Investment Environment  8
Endnotes  10
1 NOT THINKING CLEARLY  11
Chapter 2 Overconfidence  12
Becoming Overconfident  14
Illusion of Knowledge  14
Illusion of Control  18
Recipe for Disaster?  19
Endnotes  20
Chapter 3 Overconfidence and Investing  22
Overconfidence: A Case Study1  23
Overconfidence and Trade Frequency  25
Gender Differences  25
Trading Too Much  26
Overconfidence and Risk  28
Overconfidence and Experience  29
Mutual Funds  30
Overconfidence and the Internet  30
Summing Up  31
Endnotes  32
Chapter 4 Status Quo—Or What I Own Is Better!  34
Endowment Effect  35
Endowment and Investing  36
Status Quo Bias  37
Attachment Bias  40
Overcoming These Biases  41
Endnotes  43
InvestMadness-00 Fnt  6/1/01  3:22 PM  Page vii2 EMOTIONS RULE  45
Chapter 5 Seeking Pride and Avoiding Regret 46
Disposition Effect  47
Do We Really Sell Winners?  49
Selling Winners Too Soon and Holding Losers
Too Long  51
The Disposition Effect and the Media  51
Avoiding the Avoiding of Regret  52
In Summary  54
Endnotes  55
Chapter 6 Double or Nothing 56
House-Money Effect  57
Snake-Bit (Risk-Aversion) Effect  58
Break-Even Effect  59
Would You Buy This IPO?  60
The Tech Bubble  62
Endnotes  64
Chapter 7 Social Aspects of Investing 66
Sharing Investment Knowledge  67
Moving with the Herd  68
Speed Is of the Essence (Not)  69
Investment Clubs  71
Beardstown Ladies  71
Investment Club Performance  72
Investment Clubs and Social Dynamics  73
Summing Up  74
Endnotes  75
3 FUNCTIONING OF THE BRAIN  77
Chapter 8 Mental Accounting 78
Mental Budgeting  80
Matching Costs to Benefits  80
Aversion to Debt  82
Sunk-Cost Effect  82
Economic Impact  84
Mental Accounting and Investing  84
Endnotes  86
VIII INVESTMENT MADNESS Table of contents
InvestMadness-00 Fnt  6/1/01  3:22 PM  Page viiiChapter 9 Mental Accounting and Diversification 88
Mental Accounting and Portfolios  89
Risk Perceptions  91
Risk Perception in the Real World  96
Building Behavioral Portfolios  96
Summing Up  98
Endnotes  99
Chapter 10 That’s Not the Way I Remember It 100
Memory and Investment Decisions  102
Cognitive Dissonance  103
Cognitive Dissonance and Investing  104
Cognitive Dissonance and the Steadman Funds  105
Memory and Socialization  106
Reference Points  107
Summing Up  109
Endnotes  110
Chapter 11 What I Know Is Better  112
Representativeness  113
Representativeness and Investing  114
Familiarity  116
Familiarity Breeds Investment  117
Familiarity Breeds Investment Problems  119
Endnotes  121
4 INVESTING AND THE INTERNET  123
Chapter 12 The Internet (Psycho) Investor  124
The Rise of the Internet Investor  125
Amplifying Psychological Biases  126
Information and Control  126
Online Trading and Overconfidence  128
Advertising—Increasing the Biases  129
Online Trading and Performance  130
Day Traders—The Extreme Case  130
Summing Up  132
Endnotes  133
INVESTMENT MADNESS Table of contents IX
InvestMadness-00 Fnt  6/1/01  3:22 PM  Page ixChapter 13 Exuberance on (and about) the Net 134
A Rose.com by Any Other Name  135
A Bubble Burst  137
The More Things Change…  138
The Boiler Room Goes Online  140
Endnotes  143
5 WHAT CAN I DO ABOUT IT?  145
Chapter 14 Self-Control, or the Lack of It! 146
Short-Term versus Long-Term Focus  148
Controlling Ourselves  148
Rules of Thumb  148
Environment Control  149
Self-Control and Saving  150
IRAs  151
401(k) Plans  151
Self-Control and Investing  152
Self-Control and Dividends  153
Summing Up  155
Endnotes  156
Chapter 15 Battling Your Biases  158
Strategy 1: Understand Your Psychological Biases  159
Not Thinking Clearly  159
Letting Emotions Rule  161
Functioning of the Brain  162
Strategy 2: Know Why You Are Investing  163
Strategy 3: Have Quantitative Investment Criteria  165
Strategy 4: Diversify  166
Strategy 5: Control Your Investing Environment  166
Additional Rules of Thumb  168
In Conclusion

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