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The Little Book Of Behavioral Investing
Ben Graham, the father of value investing, once said: "The investor's chief problem�and even his worst enemy�is likely to be himself." Sadly, Graham's words are still true today. Bias, emotion, and overconfidence are just three of the many behavioral traits that can lead investors to lose money or achieve lower returns. Fortunately, behavioral finance, which recognizes that there is a psychological element to all investor decision making, is now firmly embedded in the mainstream of finance. Applying behavioral principles to an investment portfolio can help investors avoid some of the mental pitfalls that so often cost them, and financial institutions, billions.
In The Little Book of Behavioral Investing, behavioral finance expert James Montier takes you on a guided tour of the most common behavioral challenges and mental pitfalls that investors encounter, and provides you with strategies to eliminate these traits. Along the way, he shows how some of the world's best investors have tackled the behavioral biases that drag down investment returns, so that you might be able to learn from their experiences.
Page by page, Montier explains the importance of learning to prepare, plan, and then commit to a strategy�that is, do your investment research while you are in a "cold" rational state, when nothing much is happening in the markets�and then pre-commit to following your analysis and action steps. He also stresses the folly of trying to forecast what the markets will do, and reveals how the idea of investing without pretending you know the future gives you a very different perspective. Throughout the book, Montier stresses why the need to focus on process rather than outcomes is critical in investing. Focusing upon process, he shows, frees us up from worrying about aspects of investment that we really can't control�such as returns. By focusing upon process, we maximize our potential to generate good long-term profits.
The Little Book of Behavioral Investing offers a range of time-tested ways to identify and avoid the pitfalls of investor bias. By following these simple strategies, you will learn to overcome your own worst enemy when it comes to investments�yourself.
Investment Madness: How Psychology Affects Your Investing...And What To Do About It
Why'd you fall for that Internet stock? Why do you always seem to buy high and sell low? Why does it look like everyone else is getting rich but you? As an investor, your emotions are your biggest obstacles - cutting your returns, and raising your risks. Drawing on the new science of behavioral finance, Investment Madness will show you how to take control of your emotions - and maximize your profits. Nofsinger shows how to think about your investments more clearly, without the overconfidence that leads many investors to take too many risks, and lower their returns. You'll gain insight into how your self-image impacts your investment decisions, and how to recognize when pride or avoiding feelings of regret are preventing you from taking appropriate action. Discover how to place your recent investment experiences - good and bad - in realistic perspective. Learn how to avoid the human tendency to stay with only the financial instruments you're already comfortable with. Finally, understand how the human brain handles investment memories - and how what you remember may not always be what happened. For every investor, amateur and professional alike.
Never Buy Another Stock Again
Why buying stocks is an even worse strategy than you thought
How to cut costs and risks, earn solid returns, and sleep at night
By top Reuters financial journalist David Gaffen, founder of The Wall Street Journal�s MarketBeat
Millions of people have sacrificed their futures to disastrous stock performance. But you don�t have to �suck it up� and accept massive losses. Never Buy Another Stock Again offers you a common-sense approach to investing that helps you earn solid returns with less cost, less risk, and less fear.
Top financial journalist David Gaffen identifies portfolio components and asset classes that make sense when individual stocks don�t�shows how to avoid trendy new investments that are just as bad as stocks�helps you use cash wisely, carefully profit from ETFs and index funds, and offset the risks of any stocks you choose to keep.
Want to build wealth that won�t be washed away by the next stock price collapse? Never Buy Another Stock Again!
About the Author
David Gaffen has been covering the ups-and-downs of the financial markets for 15 years. He is currently an editor at Reuters, overseeing a team that reports on the stocks, bonds and foreign exchange markets. He was the founding writer and editor of the Wall Street Journal�s MarketBeat blog, which he wrote for more than three years, and was nominated for an Editor and Publisher Eppy Award. He has made numerous TV and radio appearances, including Fox Business, CNN International, and NPR. He lives in Westchester County, New York, with his wife and two children.
While this book was written during his tenure as a Reuters correspondent, Reuters has not been involved with the content or tone of this book, which are his responsibility alone.
The Great Deleveraging
In the wake of massive debt creation, history�s greatest deleveraging is now underway. The next decade will be brutal. The Great Deleveraging will help you navigate the coming years, distinguish between �fake� growth and the real thing, and earn solid returns in markets and sectors poised for sustainable growth.
From the Back Cover
In a World of Debt and Bubbles, Learn Important Lessons to Navigate These Turbulent Times
�Dickson and Shenkar do a masterful job of wrapping context around the current crisis and mapping the territory ahead. But where others are satisfied to merely describe, the authors provide a clear strategic context for investors seeking long-term opportunities amidst today�s uncertainty and confusion. The Great Deleveraging is a compelling, insightful read that at once informs and guides the reader through the financial turbulence that has become the new normal.�
�Paul Saffo, Managing Director, Foresight, DISCERN, and Distinguished Visiting Scholar, Stanford Media-X Research Network
�In The Great Deleveraging, Chip Dickson and Oded Shenkar place the bewildering events of recent years into historical context and map out the changes they see for the investment landscape of the future.�
�Warren Hatch, PhD, CFA, Catalpa Capital Advisors
�This invaluable one-of-a-kind book tackles the number-one economic issue of the early 21st century (excessive systemic financial leverage) and even provides a framework for investment success. Capital market students and investors alike will greatly benefit from a close study of the details, methods, and analyses incorporated in this timely treatise at such a critical junction in financial market history.�
�Jack Malvey, CFA, Global Capital Markets Consultant, Former Chief Global Fixed-Income Strategist, Lehman Brothers
�The Great Deleveraging is packed with important financial clues and warning signals from a well-respected pro and a leading academic, to help you recognize the signs of a future financial calamity.�
�A. Michael Lipper, CFA, President, Lipper Advisory Services, Inc.
In the past decade, the United States experienced two periods of excessive growth followed by two massive financial collapses: the technology and housing bubbles. Both were caused by illusions of growth and wealth creation: Much of the foundation was not real. As an investor, how can you distinguish between �fake� growth and the real thing? What disciplines help you find solid returns and provide warning signs about bubbles?
Former Wall Street analyst, strategist, and Associate Director of Equity Research Chip Dickson and leading global business scholar Oded Shenkar first identify the policies and characteristics of societies most likely to generate real economic growth and investor wealth. Next, they outline specific lessons learned about bubbles and growth from nearly a century of investment returns. Finally, they identify global markets and sectors that appear well poised for sustainable growth.
In the wake of massive debt creation, history�s greatest deleveraging is now underway. For many investors, the next decade will be brutal. This book�s messages are designed to help achieve real profits and create real wealth. They are meant to help you navigate a challenging environment�and, hopefully, thrive.
Massive debt in the United States
Where it came from and its implications
Stable economies, stable industries, solid investments
Thoughts on finding solid, sustainable growth opportunities in an unstable global economy
Lessons from 90 years of real asset class returns
The history may surprise you, and it should give you greater perspective
Long-term opportunities from three emerging economies
Markets that appear poised for sustainable, real growth
Behavioural Investing
Behavioural investing seeks to bridge the gap between psychology and investing. All too many investors are unaware of the mental pitfalls that await them. Even once we are aware of our biases, we must recognise that knowledge does not equal behaviour. The solution lies is designing and adopting an investment process that is at least partially robust to behavioural decision-making errors.
Behavioural Investing: A Practitioner�s Guide to Applying Behavioural Finance explores the biases we face, the way in which they show up in the investment process, and urges readers to adopt an empirically based sceptical approach to investing. This book is unique in combining insights from the field of applied psychology with a through understanding of the investment problem. The content is practitioner focused throughout and will be essential reading for any investment professional looking to improve their investing behaviour to maximise returns. Key features include:
* The only book to cover the applications of behavioural finance
* An executive summary for every chapter with key points highlighted at the chapter start
* Information on the key behavioural biases of professional investors, including The seven sins of fund management, Investment myth busting, and The Tao of investing
* Practical examples showing how using a psychologically inspired model can improve on standard, common practice valuation tools
* Written by an internationally renowned expert in the field of behavioural finance
The Five Rules for Successful Stocks Investing
MbOver the years, people from around the world have turned to Morningstar for strong, independent, and reliable advice. The Five Rules for Successful Stock Investing provides the kind of savvy financial guidance only a company like Morningstar could offer. Based on the philosophy that "investing should be fun, but not a game," this comprehensive guide will put even the most cautious investors back on the right track by helping them pick the right stocks, find great companies, and understand the driving forces behind different industries--without paying too much for their investments.<br>Written by Morningstar's Director of Stock Analysis, Pat Dorsey, The Five Rules for Successful Stock Investing includes unparalleled stock research and investment strategies covering a wide range of stock-related topics. Investors will profit from such tips as:<br>* How to dig into a financial statement and find hidden gold . . . and deception<br>* How to find great companies that will create shareholder wealth<br>* How to analyze every corner of the market, from banks to health care<br>Informative and highly accessible, The Five Rules for Successful Stock Investing should be required reading for anyone looking for the right investment opportunities in today's ever-changing market.
Bare essentials of investing, the teaching the horse to talk
This book is a distillation of ideas taught in undergraduate-level courses in investments and corporate finance, aimed at the general reader. It saves the reader the effort of enrolling in two college courses to otherwise gain all this information. The author has a PhD in Finance and writes in a succinct 'just the facts' style. In condensing all this information to its bare essentials, he creates pages which must be read slowly to be fully understood. Nevertheless there is no other book on the market that I am aware of which serves this unique purpose. More academics need to write for the general investor. This book makes a valuable contribution.
Three Paths to Profitable Investing
Discover Today�s Newest, Best Paths to Sustainable Wealth
Master lower-cost, lower-risk ETF investing in tomorrow�s hottest growth areas: healthcare, infrastructure, and green technology
Profit from demographic change and other powerful global trends
Learn do-it-yourself strategies and specific ETF recommendations
Yesterday�s phony investments have collapsed. Tomorrow�s winning investments will be real: They will be in emerging industries that save lives, build critical infrastructure, and protect the world for our children. Right now, there are enormous profits to be made in healthcare, infrastructure, and the environment. This book reveals the lowest-cost, lowest-risk way to earn those profits: sector ETFs.
You�ll discover new strategies for choosing the right ETFs in tomorrow�s highest-growth industries�reducing portfolio costs that are destroying your returns�meeting both your short- and long-term investment goals.
Sick of bubbles and financial flim-flam? Want solid, high-growth investments in industries that solve urgent problems? Looking for profits that can be sustained over years and decades? This is the book you�ve been searching for.
Where will the next generation of enormous, sustainable wealth come from? Not from financial manipulation but from the same source from which it has always come: from those who create the infrastructure upon which society can grow, productivity can increase, and life can improve.
Right now, extraordinary opportunities exist in these three areas: healthcare, infrastructure, and environmental products and services. In Three Paths to Profitable Investing, XShares founder and CEO Jeffrey Feldman shows how to use ETFs to cost-effectively invest in these areas at the best possible time to �catch the wave� and reap enormous profits: right now, just before these industries become commercially viable.
Feldman and Andrew Hyman introduce a step-by-step approach to utilizing sector ETFs both as part of a long-term strategy that eliminates single-stock risk and as part of shorter-term hedging strategies. You don�t need an advisor to use these techniques: With a few clicks of the mouse, you can build a portfolio that accesses unprecedented innovation, reigniting your own personal prosperity and that of society at the same time.
Choose your targets�and get rid of the middleman
Why ETFs are now the best way to invest in the future
The healthcare crisis and the biotech revolution
Profiting from the new face of healthcare in America�and limiting your risks
Green investing and �green ETFs�
Clean technologies, clean energy, and the three �wild cards� of green power
Why infrastructure will be huge�and how to invest in it successfully
Picking winning ETFs in the highest-growth infrastructure sectors
The Little Book of Bulletproof Investing
Investing do�s and don�ts from some of the most recognizable voices in personal finance
It�s been a tough year for investors. Many have seen their retirement accounts dwindle dramatically and are looking for a safe way to protect what they have and make back some of what they�ve lost. That�s why the bestselling author team of Ben Stein and Phil DeMuth have created The Little Book of Investing Do�s and Don�ts.
When you invest, there are essential things you should do and many things you shouldn�t. The Little Book of Investing Do�s and Don�ts addresses this issue and shows you how to utilize the fundamentals of finance to achieve success in today�s market. This practical guide contains proven advice on navigating today�s treacherous financial landscape and will put you in a better position to make more informed investment decisions.
# Includes street-smart advice for the individual investor uncertain about their investment and retirement portfolios
# Written by a experienced team of bestselling authors whose investment advice is accessible to everyone
# Outlines the steps you must take to protect yourself from the financial calamities of modern life
The Little Book of Investing Do�s and Don�ts offers quick, easy-to-follow, and entertaining advice for anyone looking to get back on the right investment track
The Rise of the State
To earn profits in the coming decade, you must understand two enormous trends reshaping global markets: the growth of emerging economies and accelerating influence of sovereign wealth funds. This book reveals the hidden story of growing state investment power, and offers 70+ specific, timely investment recommendations flowing from it.
From the Back Cover
�A radical and challenging look at the future of the entire world economy, zooming in on specific investment recommendations. A tour de force.�
�PETER BRIMELOW, Columnist, MarketWatch
�No one can ignore this book�s central message: The global cultural, economic, military, and political hegemony of Europe and the U.S. is yielding to a new multipolar age in which entirely new countries will increasingly drive global, economic, and social trends. No one will be successful unless they recognize this new reality, which will reshape global industries. It�s all here in The Rise of the State. I call it an essential read and road map for real wealth building in the years to come.�
�ROGER S. CONRAD, Editor, www.UtilityForecaster.com
�As a financial journalist, I�ve been reading and reviewing investment books for nearly three decades. Few have been as thought-provoking as The Rise of the State. The authors provide a detailed assessment of the world�s most enduring investment trends along with the specific stocks that are best positioned to benefit from these trends. The Rise of the State will forever change the way you look at your portfolio.�
�STEVEN HALPERN, Editor, www.TheStockAdvisors.com
�Energy will be a big part of the future, and the authors give readers straight talk about the realities of our energy sources going forward. I have read, reported, and followed Elliott Gue�s writings, appearances, and advice for years. You would do well to read The Rise of the State, and even better, to believe it.�
�SUSAN MCGINNIS, Managing Editor and Anchor, Clean Skies News
�The authors will get you thinking about world economies and markets in a whole new way. Provocative, enlightening, and well worth reading to help you navigate your financial future.�
�GEORGE KLEINMAN, President, Commodity Resource Corp.; Author, The New Commodity Trading Guide: Breakthrough Strategies for Capturing Market Profits
To earn profits in the coming decade, you must understand the two most powerful trends reshaping global markets: the growth of emerging economies and the accelerating influence of sovereign wealth funds. Both trends reflect the rising role of government and make geopolitics more important to investors than ever before.
In The Rise of the State, three leading investment advisors reveal the hidden story of growing state investment power and offer more than 70 specific, timely recommendations that flow from this enormous economic shift. They also illuminate trends ranging from the new rise of Asia to the massive migration of individuals into cities and identify resulting opportunities in areas ranging from energy to water, healthcare to education.
You�ll also find indispensable new insights into the growing impact of sovereign wealth funds, both within and outside the United States. The authors show how to ride alongside these funds, understand their goals and strategies, and profit from the companies and industries they�ve targeted.
Investing in an era of unprecedented state power
The massive new impact of government ownershipand sovereign wealth funds
Why the rise of the state is a permanent, not short-term, reality
How global financial crises will continue to strengthen the role of government
The road to Pan-Asia and the rise of polycentrism
What new economic power centers and the rise of Asia mean to investors
BRIC and beyond: from creditors to owners
How emerging economies are converting trade surpluses into ownership
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Investing in Hedge Funds
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