The Behavioral Investor
By Daniel Crosby
The Behavioral Investor. Harriman House, 2018.
Summary of The Behavioral Investor book by Daniel Crosby
A clinical psychologist explores the diverse behaviors that inform our ability to make sound financial investments, with advice for modifying your actions so you can be more rational in your decision-making.
Chapters in The Behavioral Investor book summary
What do you get from this book? A psychologist’s guide to controlling behavior so you can make profitable investments
The foundation of financial investment is humanity’s ability to conceptualize ideas, and a shared belief in money
Human brains are built to make quick decisions, which isn’t conducive to generating reliable investments
There’s a mind-body connection that causes investors to make questionable decisions when loss-induced fear arises
Creating a system that combats the different types of risk investment, and the resulting stress, is crucial for financiers
When we attempt to satisfy our ego, we forego the truth in favor of our own agendas and biases
By clinging to conservatist ideology, we risk repeating our mistakes and making bad investments
People pay more attention to stories than they do objective data and react according to their emotions
While limited emotions can have a positive effect on human behavior, high emotions negatively impact investment decisions
Overhauling your portfolio so that it’s free of ego and conservativism requires you to trust the process
You don’t need to eliminate attention and emotion from your investments, you just need to manage them
Smart financiers shun passive and active investment, taking only what works and leaving the rest
Behavioral investors follow a set of guidelines that make the most of the psychological and physical factors influencing us
Find the courage to look beyond the present and perceive how changes to the market may impact your future goals
Summary of the key insights
Selected critiques in brief
Final word
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The Behavioral Investor — Book Summary Snapshot
Who should read The Behavioral Investor book
- venture capitalists
- stockholders
- anyone interested in playing the stock market
About the author of The Behavioral Investor
Daniel Crosby
Dr. Daniel Crosby is a New York Times bestselling author whose books on investing, including The Laws of Wealth, have won multiple awards. He is also a behavior finance expert, and board-certified psychologist, as well as the founder of Nocturne Capital, an asset management firm that combines investment strategy with behavioral science.
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