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Why Smart People Make Big Money Mistakes, by Gary Belsky and Thomas Gilovich.    Economics is rational, but people aren't always so.  For example, have you known someone who held on to a losing stock simply because he didn't want to admit a mistake?  Or someone who noticeably warms to the thought of investing after the stock market has experienced a long rise, only to get cold feet after each market decline?  Or someone who, like 90% of all people, considers himself to be an above average driver?  Drawing on work by Israeli psychologists Amos Tversky and David Kahneman, this 1999 book contains many examples and very informative discussions of common psychological traps that snare both consumers and investors.  The general topic of this book--what's commonly known as "behavioral finance"--has become a hot topic for a number of academic researchers today.  Indeed, since many otherwise quite intelligent investors become their own worst enemies, it is time to focus on the psychological aspects of finance.  All in all, this is a worthwhile book.

ISBN: 0684859386
Format: Paperback, 224pp
Pub. Date: March 2000
Publisher:
Simon & Schuster Adult Publishing Group

 

 

 

 

 

"What a superb book-- wonderfully readable and informative.  It is an indispensable guide to all the mistakes we make as investors--the better to resolve Pogo's dilemma: 'We have met the enemy and he is us.'"

Charles Ellis