Behavioral Finance and Wealth Management: How to Build Optimal Portfolios That Account for Investor Biases
The book that applies behavioral finance to the real world Understanding how to use behavioral finance theory in investing is a hot topic these days. Nobel laureate Daniel Kahneman has described financial advising as a prescriptive activity whose main objective should be to guide investors to make decisions that serve their best interests. The reality? That’s easier said than done. In the Second Edition of Behavioral Finance and Wealth Management, Michael Pompian takes a practical approach to th
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Investment Analysis and Portfolio Management by Frank K. Reilly (1994,...
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Shaky grasp of subject matter?,
For instance, the author mentions tests to show risk tolerance in individuals that had questions like: give a range for how far you think the moon is from the earth so that you feel your answer has a 95% chance of being correct. Whether a wide range or narrow one is is supposed to suggest something. But, some folks like myself know how far the moon is from earth (it’s a range itself) so the answer would not measure anything in my case. Same question for the weight of a sperm whale, etc. There were a number of troubling things where the reader was left thinking “really?” but the work did not anticipate these reactions or see the problems and so did not address them.
The chapter on confirmation bias describes an experiment with 4 cards which I read 4 or 5 times but did not understand it. for a bit I tried to figure out what information had been left out, but gave up. Was this book proof read for content?
Lots of good information but not consistently described, synthesized or illustrated very well.
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|clear and detailed in what it discusses,
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|Five Stars,
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