Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investing by Hersh Shefrin

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Synopsis

Shefrin (finance, Santa Clara U.) explains how psychology permeates all aspects of the financial market, and suggests how investors can recognize the influence of psychology on themselves, on others, and on the financial environment at large. He warns readers not to try to use the information to make a killing. To the 2000 Harvard College edition, he has added a new 35-page preface. Annotation ©2003 Book News, Inc., Portland, OR

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Standard wisdom holds that investments are made according to factual information and analytical tools, but Shefrin (finance, Santa Clara U.) argues that psychology and intrinsic human behavior also play a powerful role. He finds that risk-taking behavior is driven by hope and fear rather than by greed and fear, and that financial practitioners of all stripes keep making the same mistakes over and over. Annotation c. Book News, Inc., Portland, OR (booknews.com)

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Biography

Hersh Shefrin holds the Mario L. Belotti Chair in Finance at the Leavey School of Business, Santa Clara University.

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Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investingby Anonymous

Reader Rating:

May 03, 2007: This book is a must for those interested in investor psychology and particularly behavioral finance. Even though it is written for people with some knowledge of finance, this book presents in a rather understandable way, all the behavioral ideas behind the market mispricings.

Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investingby Anonymous

Reader Rating:

February 23, 2005: If only you could bring yourself to ditch those losers from your portfolio, and hang onto your winners. If you can, you are unusual. Unprofitable habits afflict nearly all investors, beginners and pros alike, writes Hersh Shefrin in this intriguing study of the role of emotions in investing. Shefrin balances the jargon with plenty of real-world examples and wisely cautions you not to delude yourself into thinking that his tips will make you rich. Viewing investing through the prism of behavior finance, he analyzes emotionally-laden decisions made by private investors, money managers, bankers and other professionals handling stocks and various other forms of investments including options, foreign currency and futures. Shefrin offers juicy case histories, so his tour of behavioral finance is mostly enjoyable and useful. At times, though, the book bogs down in the author???s attempts to legitimize behavior finance, a relatively new school of thought. For instance, he charges failed investors with committing 'heuristic bias' or falling prey to 'representativeness.' That quibble aside, we recommend this intriguing tome to investment decision makers on any level. Whether you are running billions or managing a retirement account (which, as Shefrin notes, most people do badly), maybe this book will buffer you against emotional investing and pocketbook pain.