Behavioural investing : a practitioner's guide to applying behavioural finance / James Montier.

Saved in:
Bibliographic Details
Published: Chichester, England ; Hoboken, NJ : John Wiley & Sons, c2007.
Main Author:
Montier, James
Series:Wiley finance series
Subjects:
Investments > Psychological aspects.
Finance > Psychological aspects.
Format: Book
Behavioural investing : a practitioner's guide to applying behavioural finance /
Table of Contents:
  • Sect. I. Common Mistakes and Basic Biases
  • 1. Emotion, Neuroscience and Investing: Investors as Dopamine Addicts
  • Spock or McCoy?
  • The Primary of Emotion
  • Self-Control is Like a Muscle
  • Hard-Wired for the Short Term
  • Hard-Wired to Herd
  • Plasticity as Salvation
  • 2. Part Man, Part Donkey
  • The Biases We Face
  • Bias #1: I Know Better, Because I Know More
  • Bias #2: Big [is not equal to] Important
  • Bias #3: Show Me What I Want to See
  • Bias #4: Heads was Skill, Tails was Bad Luck
  • Bias #5: I Knew it all Along
  • Bias #6: The Irrelevant has Value as Input
  • Bias #7: I Can Make a Judgement Based on What it Looks Like
  • Bias #8: That's Not the Way I Remember it
  • Bias #9: If you Tell Me it Is So, It Must be True
  • Bias #10: A Loss Isn't a Loss Until I Take It
  • 3. Take a Walk on the Wild Side
  • Impact Bias
  • Empathy Gaps
  • Combating the Biases
  • 4. Brain Damage, Addicts and Pigeons
  • 5. What Do Secretaries' Dustbins and the Da Vinci Code have in Common?
  • 6. The Limits to Learning
  • Self-Attribution Bias: Heads is Skill, Tails is Bad Luck
  • Hindsight Bias: I Knew it All Along
  • Skinner's Pigeons
  • Illusion of Control
  • Feedback Distortion
  • Sect. II. The Professionals and the Biases
  • 7. Behaving Badly
  • The Test
  • The Results
  • Overoptimism
  • Confirmatory Bias
  • Representativeness
  • The Cognitive Reflection Task (CRT)
  • Anchoring
  • Keynes's beauty contest
  • Monty Hall Problem
  • Sect. III. The Seven Sins of Fund Management
  • 8. A Behavioural Critique
  • Sin city
  • Alternative Approaches and Future Directions
  • Sin 1: Forecasting (Pride)
  • 9. The Folly of Forecasting: Ignore all Economists, Strategists, & Analysts
  • Overconfidence as a Driver of Poor Forecasting
  • Overconfidence and Experts
  • Why Forecast When the Evidence Shows You Can't?
  • Why Use Forecasts?
  • Debasing
  • 10. What Value Analysts?
  • Sin 2: Illusion of Knowledge (Gluttony)
  • 11. The Illusion of Knowledge or Is More Information Better Information?
  • Sin 3: Meeting Companies (Lust)
  • 12. Why Waste Your Time Listening to Company Management?
  • Managers are Just as Biased as the Rest of Us
  • Confirmatory Bias and Biased Assimilation
  • Obedience to Authority
  • Truth or Lie?
  • Sin 4: Thinking You Can Outsmart Everyone Else (Envy)
  • 13. Who's a Pretty Boy Then? Or Beauty Contests, Rationality and Greater Fools
  • Background
  • The Game
  • The Solution
  • The Results
  • A Simple Model of Our Contest
  • Comparison with Other Experiments
  • Learning
  • Sin 5: Short Time Horizons and Overtrading (Avarice)
  • 14. ADHD, Time Horizons and Underperformance
  • Sin 6: Believing Everything You Read (Sloth)
  • 15. The Story is The Thing (or The Allure of Growth)
  • 16. Scepticism is Rare or (Descartes vs Spinoza)
  • Cartesian Systems
  • Spinozan Systems
  • Libraries
  • A Testing Structure
  • The Empirical Evidence
  • Strategies to Counteract Naive Belief
  • Sin 7: Group Decisions (Wrath)
  • 17. Are Two Heads Better Than One?
  • Beating the Biases
  • Sect. IV. Investment Process as Behavioural Defence
  • 18. The Tao of Investing
  • Pt. A. The Behavioral Investor
  • 19. Come Out of the Closet (or, Show Me the Alpha)
  • The Alpha
  • The Evolution of the Mutual Fund Industry
  • Characteristics of the Funds
  • 20. Strange Brew
  • The Long Run
  • The Short Run
  • Break the Long-Only Constraint
  • Add Breadth
  • Not Just an Excuse for Hedge Funds
  • Truly Alternative Investments
  • 21. Contrarian or Conformist?
  • 22. Painting by Numbers: An Ode to Quant
  • Neurosis or Psychosis?
  • Brain Damage Detection
  • University Admissions
  • Criminal Recidivism
  • Bordeaux Wine
  • Purchasing Managers
  • Meta-Analysis
  • The Good News
  • So Why Not Quant?
  • 23. The Perfect Value Investor
  • Trait I: High Concentration In Portfolios
  • Trait II: They Don't Need to Know Everything, and Don't Get Caught in the Noise
  • Trait III: A Willingness to Hold Cash
  • Trait IV: Long Time Horizons
  • Trait V: An Acceptance of Bad Years
  • Trait VI: Prepared to Close Funds
  • 24. A Blast from the Past
  • The Unheeded Words of Keynes and Graham
  • 25. Why Not Value? The Behavioural Stumbling Blocks
  • Knowledge [is not equal to] Behaviour
  • Loss Aversion
  • Delayed Gratification and Hard-Wiring for the Short Term
  • Social Pain and the Herding Habit
  • Poor Stories
  • Overconfidence
  • Fun
  • No, Honestly I Will Be Good
  • Pt. B. The Empirical Evidence: Value in All Its Forms
  • 26. Bargain Hunter (or It Offers Me Protection) / James Montier and Rui Antunes
  • The Methodology
  • Does Value Work?
  • The Anatomy of Value
  • The Siren of Growth
  • Growth Doesn't Mean Ignoring Valuation
  • The Disappointing Reality of Growth
  • Analyst Accuracy?
  • Value versus Growth
  • Key points
  • Regional Tables
  • 27. Better Value (or The Dean Was Right!) / James Montier and Rui Antunes
  • 28. The Little Note that Beats the Market / James Montier and Sebastian Lancetti
  • The Methodology and the Data
  • The Results
  • Quality Matters for Value
  • Career Defence as an Investment Strategy
  • What About the Long/Short View?
  • The Future for the Little Book
  • Tables and Figures
  • 29. Improving Returns Using Inside Information
  • Patience is a Virtue
  • Using Inside Information
  • A Hedge Perspective
  • Risk or Mispricing?
  • Evidence for Behavioural Errors
  • Evidence Against the Risk View
  • European Evidence
  • 30. Just a Little Patience: Part I
  • 31. Just a Little Patience: Part II / James Montier and Sebastian Lancetti
  • Value Perspective
  • Growth Perspective
  • Growth and Momentum
  • Value for Growth Investors
  • Value and Momentum
  • Implications
  • 32. Sectors, Value and Momentum
  • Value
  • Momentum
  • Sectors: Value or Growth
  • Stocks or Sectors
  • 33. Sector-Relative Factors Works Best / James Montier and Andrew Lapthorne
  • Methodology
  • The Results
  • 34. Cheap Countries Outperform
  • Strategy by Strategy Information
  • Pt. C. Risk, But Not as We Know It
  • 35. CAPM is CRAP (or, The Dead Parrot Lives!)
  • A Brief History of Time
  • CAPM in Practice
  • Why Does CAPM Fail?
  • CAPM Today and Implications
  • 36. Risk Managers or Risk Maniacs?
  • 37. Risk: Finance's Favourite Four-Letter Word
  • The Psychology of Risk
  • Risk in Performance Measurement
  • Risk from an Investment Perspective
  • Sect. V. Bubbles and Behaviour
  • 38. The Anatomy of a Bubble
  • Displacement
  • Credit Creation
  • Euphoria
  • Critical Stage/Financial Distress
  • Revulsion
  • 39. De-bubbling: Alpha Generation
  • Bubbles in the Laboratory
  • Bubbles in the Field
  • Displacement: The Birth of a Boom
  • Credit Creation: Nurturing the Boom
  • Euphoria
  • Critical Stage/Financial Distress
  • Revulsion
  • Applications
  • Alpha Generation
  • Long-Only Funds
  • 40. Running with the Devil: A Cynical Bubble
  • The Main Types of Bubble
  • Psychology of Bubbles
  • Composite Bubbles and the De-Bubbling Process
  • Experimental Evidence: Bubble Echoes
  • Market Dynamics and the Investment Dangers of Near Rational Bubbles
  • 41. Bubble Echoes: The Empirical Evidence
  • Sect. VI. Investment Myth Busters
  • 42. Belief Bias and the Zen Investing
  • Belief Bias and the X-System
  • Confidence Isn't a Proxy for Accuracy
  • Belief Bias and the Zen of Investing
  • 43. Dividends Do Matter
  • 44. Dividends, Repurchases, Earnings and the Coming Slowdown
  • 45. Return of the Robber Barons
  • 46. The Purgatory of Low Returns
  • 47. How Important is the Cycle?
  • 48. Have We Really Learnt So Little?
  • 49. Some Random Musings on Alternative Assets
  • Hedge Funds
  • Commodities
  • Which Index?
  • Composition of Commodity Futures Returns
  • The Times They are A-Changin'
  • Sect. VII. Corporate Governance and Ethics
  • 50. Abu Ghraib: Lesson from Behavioural Finance and for Corporate Governance
  • Fundamental Attribution Error
  • Zimbardo's Prison Experiment
  • Milgram: The Man that Shocked the World
  • Conditions that Turn Good People Bad
  • 51. Doing the Right Thing or the Psychology of Ethics
  • The Ethical Blindspot
  • The Origins of Moral Judgements
  • Examples of Bounded Ethicality and Unconscious Biases
  • Mechanisms Driving Poor Ethical Behaviour
  • Combating Unethical Behaviour
  • 52. Unintended Consequences and Choking under Pressure: The Psychology of Incentives
  • Evidence from the Laboratory
  • Evidence from the Field
  • Back to the Laboratory
  • Who is Likely to Crack Under Pressure?
  • Sect. VIII. Happiness
  • 53. If It Makes You Happy
  • Top 10
  • 54. Materialism and the Pursuit of Happiness
  • Aspiration Index
  • Materialism and Happiness: The Evidence
  • Problems of Materialism
  • What to Do?
  • Why Experiences Over Possessions?

Similar Items