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The Behavioral Investor

By Daniel Crosby
Cover of The Behavioral Investor (Hardback) by Daniel Crosby Cover of The Behavioral Investor (Ebook - phone) by Daniel Crosby Cover of The Behavioral Investor (Ebook - tablet) by Daniel Crosby

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About the Author

Daniel Crosby

Educated at Brigham Young and Emory Universities, Dr. Daniel Crosby is a psychologist, behavioral finance expert and asset manager who applies his study of market psychology to everything from financial product design to security selection. He is co-author of the New York Times bestseller Personal Benchmark: Integrating Behavioral Finance and Investment Management and founder of Nocturne Capital. ... Read more on Daniel Crosby

Contents Listing

Foreword by Noreen D. Beaman
Preface

Part One. The Behavioral Investor
Chapter 1. Sociology
Chapter 2. Investing on the Brain
Chapter 3. Physiology

Part Two. Investor Psychology
Chapter 4. Ego
Chapter 5. Conservatism
Chapter 6. Attention
Chapter 7. Emotion

Part Three. Becoming a Behavioral Investor
Chapter 8. The Behavioral Investor Overcomes Ego
Chapter 9. The Behavioral Investor Conquers Conservatism
Chapter 10. The Behavioral Investor Hones Attention
Chapter 11. The Behavioral Investor Manages Emotion

Part Four. Building Behavioral Portfolios
Chapter 12. Investing a Third Way
Chapter 13. Behavioral Investing is Rules-Based
Chapter 14. Behavioral Investing is Risk First Investing
Chapter 15. Behavioral Investing has No Masters of the Universe
Chapter 16. Sample Behavioral Investment Factors

Epilogue. Endure to the End
Foreword by Noreen D. Beaman
Preface

Part One. The Behavioral Investor
Chapter 1. Sociology
Chapter 2. Investing on the Brain
Chapter 3. Physiology

Part Two. Investor Psychology
Chapter 4. Ego
Chapter 5. Conservatism
Chapter 6. Attention
Chapter 7. Emotion

Part Three. Becoming a Behavioral Investor
Chapter 8. The Behavioral Investor Overcomes Ego
Chapter 9. The Behavioral Invest ...

Jacket Text

From the New York Times bestselling author of the book named the best investment book of 2017 comes The Behavioral Investor, an applied look at how psychology ought to inform the art and science of investment management.

In The Behavioral Investor, psychologist and asset manager Dr. Daniel Crosby examines the sociological, neurological and psychological factors that influence our investment decisions and sets forth practical solutions for improving both returns and behavior. Readers will be treated to the most comprehensive examination of investor behavior to date and will leave with concrete solutions for refining decision-making processes, increasing self-awareness and constraining the fatal flaws to which most investors are prone.

The Behavioral Investor takes a sweeping tour of human nature before arriving at the specifics of portfolio construction, rooted in the belief that it is only as we come to a deep understanding of “why” that we are left with any clue as to “how” we ought to invest. The book is comprised of three parts, which are as follows:

- Part One – An explication of the sociological, neurological and physiological impediments to sound investment decision-making. Readers will leave with an improved understanding of how externalities impact choices in nearly imperceptible ways and begin to understand the impact of these pressures on investment selection.

- Part Two – Coverage of the four primary psychological tendencies that impact investment behavior. Although human behavior is undoubtedly complex, in an investment context our choices are largely driven by one of the four factors discussed herein. Readers will emerge with an improved understanding of their own behavior, increased humility and a lens through which to vet decisions of all types.

- Part Three – Illuminates the “so what” of Parts One and Two and provides a framework for managing wealth in a manner consistent with the realities of our contextual and behavioral shortcomings. Readers will leave with a deeper understanding of the psychological underpinnings of popular investment approaches such as value and momentum and appreciate why all types of successful investing have psychology at their core.

Wealth, truly considered, has at least as much to do with psychological as financial wellbeing. The Behavioral Investor aims to enrich readers in the most holistic sense of the word, leaving them with tools for compounding both wealth and knowledge.

Professional Reviews

'The Behavioral Investor' is Daniel Crosby's brilliant new book which looks at how professional investors can improve and enhance their performance by better understanding the way their brains influence their behaviours and affects their investment practice. Steven Goldstein, Senior Managing Director, Alpha R Cubed

...a useful summary of an increasingly important field of investing. Our brains have not evolved fast enough to make us expert in many investment decisions, and being aware of these short-comings may help us, not to knock it out of the park as investors, but to avoid various more obvious mistakes that can often hurt our wealth. Simon Moore, Chief Investment Officer at Moola and contributor to Forbes

Crosby’s book is eminently readable, with ample stories and studies...the book offers the reader valuable lessons in creating a portfolio that can, at least in part, circumvent the most pervasive behavioral pitfalls. Brenda Jubin, Reading the Markets blog

...Crosby is a master of his craft, a great storyteller as well as an academic, who can explain sometimes difficult concepts in simple terms and support his arguments with thought-provoking and entertaining commentary. Richard Gill, CFA and contributor to Master Investor

Rather arrogantly, I thought I knew everything there was to know about behavioural finance. After reading 'The Behavioural Investor' I realise I was wrong (ironically arrogance is one of the cognitive flaws that Dr Crosby writes about in his excellent book!). Robert Carver, author 'Smart Portfolios' and visiting lecturer at Queen Mary, University of London

For fans of behavioral finance Crosby's book is a must to add to your collection. For neophytes it's a great introduction. Larry Swedroe, Author and Director of Research , The BAM Alliance


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Media Coverage

Santa Fe New Mexican

I recently interviewed Daniel Crosby, a psychologist who specializes in behavioural finance... Crosby is not appealing to greed when he points out the advantages of investing in stocks over the long ...

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Think Advisor

His new book, “The Behavioral Investor” (Harriman House-Oct. 16, 2018) follows Crosby’s New York Times bestseller, “Personal Benchmark” (2014), co-authored with Charles Widger.

In the ...

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MarketWatch

Behavioral finance is sometimes mistakenly seen as a vehicle for ridding investors of their pesky emotions and irrational quirks en route to them becoming something like the Homo Economicus that ...

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Forbes.com

By understanding some of the latest behavioral investing research, you may improve your investment performance. However, it’s not quite as simple as you may think. In his new book, aptly titled The ...

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Reading The Markets

In 2014 Daniel Crosby, a psychologist and asset manager, co-authored the bestselling Personal Benchmark: Integrating Behavioral Finance and Investment Management and followed that up in 2016 with The ...

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Living with Money

Listen to Daniel Crosby talk about his new book

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Meaningful Money podcast

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So Money podcast

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Money Week

If you’ve ever followed the ups and downs of the stockmarket you’ll know that markets and individual investors don’t always act rationally. Indeed, sometimes their behaviour can be completely ...

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What Investment

The area of behaviourial investing has grown in relevance and importance since the global financial crisis of 2008 and this book is one of the best to have been published in this period.

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Technical Analysis of STOCKS & COMMODITIES The Traders’ Magazine since 1982

This New York Times bestselling author offers The Behavioral Investor, an applied look at how psychology should inform the art and science of investment management.

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The Irrelevant Investor

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The American Asociation of Individual Investors

Following a systematic, rules-based approach and automating your process to the extent possible is the easiest way to manage your emotions and use the tendency to adhere to the status quo to your ...

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Abnormal Returns

The Behavioral Investor, Daniel Crosby (@danielcrosby) not only helps understand the basis for our actions but how to live our investing lives with these biases in mind. Daniel is the Chief ...

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Master Investor

Along those lines The Behavioral Investor is the latest effort from finance psychologist and wealth manager Daniel Crosby, with the book having the ambitious aim of being the most comprehensive guide ...

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ETF Trends

For this week’s interview, we are going to take an in depth look at behavior in investing, how it hurts us, and what can potentially be done about it. My guest is psychologist Dr. Daniel Crosby. ...

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Market Brothers Media

3. The Behavioral Investor (Daniel Crosby)

Dr. Daniel Crosby has a Ph.D. in psychology and he flaunts it, by going above and beyond the performance of investors and portfolio managers and delving ...

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Standard Deviations

Daniel was in town recently, and gave me a few copies of his most recent book, The Behavioral Investor to share. If you would like a copy, reply to this email. I'll draw three names and send copies ...

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Behavioral finance expert Dr. Daniel Crosby talks about his latest book, The Behavioral Investor and cracks us up with stories of how “having to go” and other physiological, sociological, and ...

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The Vox Markets Podcast

On the Vox Markets Podcast Today: 6th March 2019

Dr Daniel Crosby, New York Times bestselling author of the, "The Laws of Wealth" and now "The Behavioral Investor", discusses his work and in ...

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Keen on Retirement

When Dr. Daniel Crosby was in his 20s, he had a fateful conversation with his father about what he should do for a living. Dr. Crosby’s father was a financial advisor, but young Daniel didn’t ...

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PR News Wire

Crosby is at the forefront of behavioralizing finance and has published several bestselling books that serve as guides to building strong advisor-client engagement, including You're Not that Great ...

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US News

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Guru Focus

You don’t need to read 10,000 pages before you can get your feet wet. But there are some general topic areas you do want to have some familiarity with.

(...) Process: Daniel Crosby’s ...

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ETF.com

P.S. I just finished reading Daniel Crosby’s “The Behavioral Investor,” which I highly recommend. You can find my list of the best baker’s dozen of behavioral finance books here.

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The Art of Manliness Podcast

When it comes to investing, your brain can be your best friend or your worst enemy. My guest today explains how, and what you can do to ensure your brain is a staunch ally in your quest for financial ...

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Advisor Perspectives

I recently provided a baker’s dozen list of my favorite books on behavioral finance. Having just finished reading Daniel Crosby’s The Behavioral Investor (available from the Amazon link on this ...

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The Money Panel

So today we are welcoming Dr. Daniel Crosby, who is a psychologist and a behavioural finance expert who helps organisations to really understand the mind and the financial markets. In Daniel’s ...

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The Behavioral Investor

by Daniel Crosby (2018)

I enjoyed this book on behavioural investing a lot (Crosby is a US author, hence the US spelling), and not just because it covers similar ground ...

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Mark Twain once said that all you need are 'good friends, good books and a sleepy conscience.' Our top 30 ensure you have at least one of those checked off with their must-reads.

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Welcome to Top Traders Round Table, a podcast series on managed futures brought to you by CME Group. On today's episode, host Niels Kaastrup-Larsen continues his conversation with Dr. Daniel Crosby, ...

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