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Even the best Wall Street investors make mistakes. No matter how savvy or experienced, all financial practitioners eventually let bias, overconfidence, and emotion cloud their judgment and misguide their actions. Yet most financial decision-making models fail to factor in these fundamentals of human nature. In Beyond Greed and Fear, the most authoritative guide to what really influences the decision-making process, Hersh Shefrin uses the latest psychological research to help us understand the human behavior that guides stock selection, financial services, and corporate financial strategy. Shefrin argues that financial practitioners must acknowledge and understand behavioral finance--the application of psychology to financial behavior--in order to avoid many of the investment pitfalls caused by human error. Through colorful, often humorous real-world examples, Shefrin points out the common but costly mistakes that money managers, security analysts, financial planners, investment bankers, and corporate leaders make, so that readers gain valuable insights into their own financial decisions and those of their employees, asset managers, and advisors. According to Shefrin, the financial community ignores the psychology of investing at its own peril. Beyond Greed and Fear illuminates behavioral finance for today's investor. It will help practitioners to recognize--and avoid--bias and errors in their decisions, and to modify and improve their overall investment strategies.
- Sales Rank: #400734 in Books
- Published on: 2007-05-16
- Original language: English
- Number of items: 1
- Dimensions: 6.10" h x 1.30" w x 9.20" l, 1.41 pounds
- Binding: Paperback
- 368 pages
Amazon.com Review
Psychology rules the stock market, according to Hersh Shefrin. In Beyond Greed and Fear, Shefrin shows how bias, perception, and other aspects of psychology often rattle investors and move stocks. From the individual who keeps losers too long to overconfident money managers who mistakenly think they can predict financial trends, human nature foils investment returns. "Behavioral finance is everywhere that people make financial decisions. Psychology is hard to escape; it touches every corner of the financial landscape, and it's important. Financial practitioners need to understand the impact that psychology has on them and those around them. Practitioners ignore psychology at their peril," writes Shefrin, a finance professor at Santa Clara University. An academic volume geared toward financial professionals, the book details an emerging field known as behavioral finance, in which psychology is believed to be at least as important as market fundamentals, such as earnings and balance sheets. Shefrin describes how investors are motivated by fear, hope, overconfidence, and the need for short-term gratification. The book gives plenty of examples of investment mistakes, and analyzes them from a behavioral-finance perspective. While Beyond Greed and Fear targets professionals, individual investors will benefit from this look at an important mover of markets. --Dan Ring
From Library Journal
Behavioral finance is defined by Shefrin (finance, Santa Clara Univ.) as "a rapidly growing area that deals with the influence of psychology on the behavior of financial practitioners." This comprehensive study is aimed primarily at practitionersAportfolio managers, analysts, and financial advisersAwho, according to Shefrin, "need to know that because of human nature, they make particular types of mistakes." Shefrin provides a historical background of finance theory, studies of behavioral analysis, and a review of major contributions to the literature. The book is divided into six parts: behavioral finance, the stock market, individual investors, money managers, corporate executives, and options, futures, and foreign exchange. In addition to numerous case studies, Shefrin utilizes statistical charts and tables to illustrate his central theories and concepts. Important and thought-provoking, this study is recommended for academic faculty and students as well as finance practitioners.ALucy T. Heckman, St. John's Univ. Lib., NY
Copyright 1999 Reed Business Information, Inc.
Review
"This refreshingly iconoclastic book awakens us all to how little we know about financial markets, and how much we have to discover. I particularly enjoyed the reference to the emperor's clothes worn by the mutual fund industry. Shefrin's clear reaffirmation of the fallibility of professional
investors will lead even the most impressionable of investors to consider, yet again, the advantages of market indexing strategies."--John Bogle, Founder and Senior Chairman, The Vanguard Group, and author, Common Sense on Mutual Funds
"This book helps readers recognize, and avoid, bias and errors in their financial decisions, and modify and, it is hoped, improve their overall investment strategies."--JP Morgan Private Bank Annual Summer Reading List
"Behavioral finance is about normal people and the markets that drive them crazy. Shefrin's insights into these people and markets will provide you with solutions to many financial puzzles--as you read the book and long after you close it."--Meir Statman, Glenn Klimek Professor of Finance,
Leavey School of Business, Santa Clara University
"Beyond Greed and Fear challenges your most fundamental assumptions about investing and uncovers psychological traps that may prevent you from achieving higher returns on your portfolio."--Martin S. Fridson, Managing Director, Merrill Lynch and Co., and author, How to Be a Billionaire
"Shefrin synthesizes a wealth of research and observations about human behavior and financial anomalies into a broad and deep perspective on financial markets. No other book so splendidly lays out the fundamentals of behavioral finance."--Robert Shiller, Stanley B. Resor Professor of
Economics, Cowles Foundation for Research in Economics, Yale University
"Beyond Greed and Fear is the first truly comprehensive behavioral finance book written for practitioners. It should be required reading for portfolio managers and traders."--W. Van Harlow III, President and CIO, Strategic Advisors, Fidelity Investments
"Most books about financial markets overlook the human element--a serious omission since people matter on Wall Street as well as on Main Street. Beyond Greed and Fear is a fine examination of the budding field of behavioral finance. I recommend it to anyone who intends to trade with other
human beings, or who is a human being."--Richard H. Thaler, Robert P. Gwinn Professor of Behavioral Science and Economics, Graduate School of Business, University of Chicago
"Financial practitioners, argues the author, must acknowledege and understand behavioral finance in order to avoid many of the investment pitfalls caused by human error.--Business Horizons
"One edition of this work should be in every investment collection"--CHOICE, H. Mayo
Most helpful customer reviews
68 of 71 people found the following review helpful.
Pushing Too Far?
By J. Michael Gallipo
In Beyond Fear and Greed, Mr. Shefrin has written a fairly interesting account of the advances in behavioral finance. He draws heavily on previously published research (although often published in fairly esoteric sources), so people searching for lots of new insights will probably be disappointed. That said, Mr. Shefrin covers most of the common biases that we are prone to including mental accounting, loss aversion, trend following and the like. If a reader doesn't see him or herself in at least some of his illustrations, I suspect he is not being honest with himself.
My major problem is that in some instances I think Mr. Shefrin engages in his own form of hindsight bias. For example, in his account of wall street strategists' market predictions I think he finds his bias after he knows the results. If the market had a strong year previously and the strategist predicted another strong year and was proved wrong, then he was guilty of trend following. If however, the same strategist predicted a weak market and proved to be wrong, then he was guilty of gambler's fallacy (mean reversion). So basically either choice represents bias IF YOU ARE WRONG. And yet, just because you are right does not change the mental processes that went into your decision.
However, despite the weaknesses of this book, overall it provides much food for thought for any serious investor and is probably worth at least a quick read.
90 of 98 people found the following review helpful.
A slow waltz through the psychology of investing
By Bruce_in_LA
This book has a good heart, but I can't recommend it so highly. The author takes several classical cognitive mistakes that humans make (some will recognize the classic names of Kahnemann and Tversky; they are one of the substrates of this book). The author applies such mistakes to a wide range of investment problems - holding on to losing stocks too long, anthropomorphizing stock decisions, and so on. The sort of psychology that makes you think that a coin that has flipped tails three times now has a 95% chance of flipping heads on the next toss. Most intelligent readers (the sort that buy Harvard Press books) could get the same points in a much briefer format, like a book chapter or a 10-page article. For example, people tend not to save enough for retirement because the future seems a long time away and they think they'll catch up and it will work out. Well, yes. Next?
18 of 18 people found the following review helpful.
A good Overview of the Subject
By NYC
Mr. Sherfin has written an entertaining, yet scholarly overview of the subject. It is pitched at the practitioner rather than the layman, so anyone wanting detailed financial planning advice or quick fire trading ideas is going to be disappointed. What you do get however is a fascinating insight into the reasons that long-term stock market anomalies continue to exist, and the forms that they take. This should finally bury the idea that markets are efficient.
A couple of beefs though; firstly, as Sherfin points out several times "investors learn slowly" in yet most of the time series he quotes seem to be 3 to 10 years - statistically pretty insignificant in making generalizations about market behavior. Secondly, while he is rightly cynical about he money management industry (and does a good job at exposing some of its less creditable tricks), he at once dismisses active money management - "a combination of private interests and behavioral phenomena provide the basis for the existence of this active segment" - and then goes on to document the success of Fuller & Thaler Asset Management in producing considerable excess return. So which is it Mr.Sherfin?
See all 25 customer reviews...
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