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"...The finding is surprising, as the City is notoriously full of arrogant young men betting on financial markets Mr Montier has unearthed bizarre facts which suggest stock markets are frequently driven by entirely irrational factors..." (The Daily Telegraph 25 November 2002) "...In a new book, James Montier outlines practical methods for exploiting the anomalies thrown up by behavioural finance..." (Financial Times, 25 November 2002) " a good introduction to this subject ." (Professional Investor, March 2003)
Financial Times, 25 November 2002
"...In a new book, James Montier, outlines practical methods for exploiting the anomalies thrown up by behavioural finance..."
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First Sentence
People make mistakes when they invest. Read the first page
Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
People make mistakes when they invest. Read the first page
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Front Cover | Copyright | Table of Contents | Excerpt | Index | Back Cover
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Most Helpful Customer Reviews
10 of 10 people found the following review helpful
Format:Hardcover
Anyone serious about working as an investment manager needs to read up on behavioural finance. This is because the largest valuation anomolies that appear within the stock market are often as a result of behavioural patterns that individuals and groups are prone to. This book is okay, but I would consider Investment Madness by John R. Nofsinger or Inefficient Markets by Andrei Shleifer (the latter is the text for the London Business School MBA course on behavioural finance) . You can buy both these books together for less than the cost of this book.
14 of 17 people found the following review helpful
Format:Hardcover
Conventional financial theory remains dominated by the efficient market theory, a theory which a few days watching markets in action can render incredible. Behavioural finance is a surprisingly effective and recognisable model of the way markets move, the mistakes they make consistently, and the mental kinks that every investor is aware of within themselves, but find so hard to shake. A very useful book, that moves from a good survey of the academic literature to applications - it changed the way I invest fundamentally. Recommended. Might help with poker too.
Most Helpful Customer Reviews on Amazon.com (beta)
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4 reviews
24 of 26 people found the following review helpful
Okay for a quick read but too brief to be impressive or useful
7 Sep 2005
Format:Hardcover
Perhaps it's the author's intent to make the book as concise but informative as possible that it became a highly concentrated dose of investment psychology and empirical stuff not easily digestable for rookies or even veterans without a strong academic background on finance. For example, he had covered in the 28 page first chapter, psychology theories (with source reference, and simple background/statistics info/support) including over-confidence, over-optimissim, cognitive dissonance, confirmation bias, conservatism bias, anchoring, representativeness heuristic, availability bias, ambiguity aversion, frame dependence/mental accounting, utility theory (dynamic) prospect theory etc. Do you get what I mean?
IMHO, this book can serve as a recap for advanced traders who understand well basic financial concepts including Efficient Market Hypothesis and it's offsprings like CAPM, and can read statistics and essays with ease. For novices, "Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investing" by Hersh Shefrin and "The psychology of Finance by Lars Tvede" should be better choices.
p.s. The conclusions in the end of each chapter are well written, I must add. However, I cant say there are significant correlation between individual chapters.
IMHO, this book can serve as a recap for advanced traders who understand well basic financial concepts including Efficient Market Hypothesis and it's offsprings like CAPM, and can read statistics and essays with ease. For novices, "Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investing" by Hersh Shefrin and "The psychology of Finance by Lars Tvede" should be better choices.
p.s. The conclusions in the end of each chapter are well written, I must add. However, I cant say there are significant correlation between individual chapters.
11 of 12 people found the following review helpful
Summary of Behavioral Finance Studies
9 Aug 2005
Format:Hardcover
This book summarizes the findings of numerous behavioral finance pundits. The author starts with a brief review of pertinent psychology and then addresses topics pertaining to asset management, security analysis and corporate finance. The chapters are broken into small capsules to explain study results on specific topics. I found the subject material interesting but would have liked more detail on how to apply the study findings.
4 of 7 people found the following review helpful
This Is My Financial Bible
7 Nov 2006
Format:Hardcover
This book is jammed packed with lots of information. I'm on my third read of it. It's hard to understand for a novice like myself, but with each subsequent read, I pick up more information. Plus, there's a lenghty bibliography where you can find references to more in-depth research.
For anyone who is a student of finance and wants practical, research proven information, this is the book for you!
For anyone who is a student of finance and wants practical, research proven information, this is the book for you!
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