PDF Ebook Finance for Normal People: How Investors and Markets Behave
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Finance for Normal People: How Investors and Markets Behave
PDF Ebook Finance for Normal People: How Investors and Markets Behave
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Review
"As Pogo used to say: 'We have met the enemy and we are it.' By elucidating clearly the teachings of behavioral finance, Meir Statman shows us how to avoid the common errors investors make and how to become smarter investors." - Burton G. Malkiel, author of A Random Walk Down Wall Street, 11th ed. Paper, 2016 "Meir Statman describes investors as normal in this insightful book, not irrational as in earlier behavioral finance, and not rational wealth-maximizing caricatures as in typical textbooks. Normal investors underlie Statman's innovative approach to portfolios, saving and spending, asset pricing, and market efficiency." - Harry Markowitz, Winner, Nobel Prize in Economics, and Professor of Finance at the Rady School of Management "Meir Statman, a leading light of behavioral finance, describes lucidly and vividly the cognitive and emotional errors underlying the maxim 'If you don't know who you are, the stock market is an expensive place to find out.' Readers of this behaviorally savvy book will be well prepared to avoid those errors." - Paul Slovic, Professor of Psychology, University of Oregon, and author of The Perception of Risk"One of the pioneers of behavioral finance, Meir Statman has done a great service for investors, portfolio managers, and financial regulators with this insightful volume. If you've ever wondered why you sold too early or why you got in too late, you need to read this book!" - Andrew Lo, Charles E. and Susan T. Harris Professor of Finance, MIT Sloan School of Management "Yes, to be successful, we need to make good investments, but then we need to be good investors, exhibiting the virtues of simplicity, broad diversification, and low investment costs, and focusing on the long term. This fine book is welcome help." - John C. Bogle, founder of Vanguard and the first index mutual fund "Finance for Normal People shows that self-knowledge is the most valuable investment skill of all. Meir Statman - one of the founders of Behavioral Finance - uses fascinating new research about market imperfections and the psychology of decision-making to navigate normal people through the complexities of investing. The evidence is compelling and the writing is lucid." - William N. Goetzmann, Edwin J. Beineke Professor of Finance and Management Studies, Yale School of Management "Meir Statman has pioneered the integration of behavioral research with financial analysis. Finance for Normal People makes the insights of behavioral finance available to the ordinary investors, helping them to understand markets - and themselves." - Baruch Fischhoff, Howard Heinz University Professor, Carnegie Mellon University, and co-author of Risk - A Very Short Introduction"Standard finance theory assumes that investors and traders are rational super-computers, able to take into account all available information and process it logically. But, investors are normal, with normal wants and normal susceptibility to cognitive and emotional errors. Professor Statman has written an excellent guide to how finance actually works in practice-not just in theory. Yet, despite Statman's real-world approach, his book remains rigorous and evidenced by the very best research." - Alex Edmans, Professor of Finance at London Business School "Behavioral finance pioneer Meir Statman describes normal people who care about investment profits but also about how investments make them look and feel. Normal people strive to reach many investment goals- retirement, education, travel-taking different risks for different goals. Discover how stocks may be mispriced, but the index hard to beat. Learn how to create a portfolio that meets your goals." - Terrance Odean, Rudd Family Foundation Professor of Finance, Haas School of Business, University of California, Berkeley "Insights into goals-based wealth management are some of the many insights in Meir Statman's superb book. Normal investors want financial benefits from their investment but they also want expressive and emotional benefits on the way to their life goals. This book should be on the must-read list of investors and financial advisors alike." - Jean Brunel, editor of the Journal of Wealth Management and author of Goals-Based Wealth Management "Finance for Normal People is a tour de force. Literally covering the field of Behavioral Finance from A to Z, this is a user friendly book that should be read and on the shelf of every serious financial advisor/manager and all serious investors." - Harold Evensky, Chairman at Evensky & Katz and Professor of Practice, Department of Personal Financial Planning, Texas Tech University"For investment professionals and their clients, this book can provide a significant boost to their understanding and decision making in managing real-world portfolios." --Financial Analysts Journal"It is a readable book of applicable findings from behavioural finance particularly for thosewho take long-term investing seriously." -- Financial Times
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From the Author
Finance for Normal People: HowInvestors and Markets BehaveOxford University Press, 2017 My book, Financefor Normal People, has just been published by Oxford University Press and isavailable from Amazon and other booksellers. I have also prepared student and instructormanuals, facilitating the use of the book as a textbook. I would be pleased toprovide them.I write in the introduction:Behavioralfinance presented here is a second generation behavioral finance. The firstgeneration, starting in the early 1980s, largely accepted standard finance'snotion of people's wants as "rational" wants - restricted to the utilitarianbenefits of high returns and low risk. That first generation commonly describedpeople as "irrational" - succumbing to cognitive and emotional errors andmisled on their way to their rational wants. Thesecond generation describes people as normal. It begins by acknowledging thefull range of people's normal wants and their benefits - utilitarian,expressive and emotional - distinguishes normal wants from errors, and offersguidance on using shortcuts and avoiding errors on the way to satisfying normalwants. People's normal wants, even more than their cognitive and emotionalshortcuts and errors, underlie answers to important questions of finance,including saving and spending, portfolio construction, asset pricing, andmarket efficiency. These are presented in this book.Wewant more from our investments than the utilitarian benefits of wealth. We wantthe expressive and emotional benefits of hope for riches and freedom from thefear of poverty, nurturing our children and families, being true to our values,gaining high social status, playing games and winning, and more.Iwrite further:Weoften hear that behavioral finance is nothing more than a collection of storiesabout irrational people misled by cognitive and emotional errors, that it lacksthe unified structure of standard finance. Yet today's standard finance is nolonger unified because wide cracks have opened between its theory and theevidence. This book offers behavioral finance as a unified structure thatincorporates parts of standard finance, replaces others, and includes bridgesbetween theory, evidence, and practice.Table of ContentsIntroduction: What is Behavioral Finance?Part1: Behavioral People are Normal People           Chapter 1: Normal people Chapter 2: Our wants for utilitarian, expressive, and emotionalbenefitsChapter 3: Cognitive shortcuts and errors           Chapter 4: Emotional shortcuts anderrors            Chapter 5: Correcting cognitive andemotional errorsChapter 6:Experienced happiness, life-evaluation, and choices: Expected Utility Theoryand Prospect Theory Chapter 7: BehavioralFinance Puzzles: The dividend puzzle, the disposition puzzle, and the puzzlesof dollar-cost-averaging and time-diversification Part2: Behavioral Finance in Portfolios, Life-Cycles, Asset Prices, and MarketEfficiencyChapter 8: Behavioral portfolios Chapter 9: Behavioral life-cycle of saving and spendingChapter 10: Behavioralasset pricing Chapter 11: Behavioralefficient markets Chapter 12: Lessons of behavioralfinance  Â
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Product details
Hardcover: 488 pages
Publisher: Oxford University Press; 1 edition (May 1, 2017)
Language: English
ISBN-10: 019062647X
ISBN-13: 978-0190626471
Product Dimensions:
9.3 x 1.1 x 6.4 inches
Shipping Weight: 1.8 pounds (View shipping rates and policies)
Average Customer Review:
4.4 out of 5 stars
26 customer reviews
Amazon Best Sellers Rank:
#256,122 in Books (See Top 100 in Books)
This is an excellent book, well written and full of information and fresh insights for all investors and investment professionals. Several chapters struck special cords with me as president and CEO of Wealthfront, an automated investing service. Statman is one of our advisors.Chapter 9 emphasizes the benefits of automatic saving and investing so people can focus on the things that really matter to them. Chapter 7 addresses the cognitive and emotional obstacles to realizing losses despite their tax benefits, and the benefits of automating loss realization to maximize long-term investment returns.And Chapter 11 addresses market efficiency, emphasizing the dangers of jumping from observation that markets are not price-equal-value efficient to the conclusion that they are easy to beat. Statman writes: “Hard-to-beat markets are not impossible to beat. Investors with exclusively available information find it easy to beat the market, and investors with narrowly available information find it hard but not impossible to beat the market. Yet, on average, investors with nothing more than widely available information find it impossible to beat the market. Such investors are beaten by the market more often than they beat it. Indeed, investors with exclusively available and narrowly available information gain their market beating returns by emptying the pockets of investors who attempt to beat the market with widely available information alone.â€
I wish Professor Statman had written this years ago. I understand the mathematics of investing and knew at some level that my psychological attitudes influenced the way I invested based on some of the more stupid mistakes I have made which we all make absent a crystal ball.The blending of Psychological factors with the mathematics is brilliant and well described, and his simple examples serve to well explain these factors.One of the Axioms from the Delphi Oracle back in the day was "know thyself" and this book will help you do that and become a better investor as opposed to just jumping on the latest hot trend.
The author, Dr. Meir Statman provides great insight into the subject of behavioral finance in this book, "Finance for Normal People: How Investors and Markets Behave". As I read this book I learned about the different characteristics and factors of behavioral finance. From part one of the book where readers gain an understanding of the the wants and constraints of normal investors, to part two where behavioral portfolio theory, behavioral life cycle theory, and behavioral asset pricing is explained--it is all is put together in a masterclass way to educate the reader on the topic of behavioral finance. My favorite aspect the text is that it comes with many real world examples to deliver the concepts to readers even without a strong background in finance. This makes it understand to follow and learn without any prior knowledge of the subject. I thoroughly enjoyed reading this book.Joe
This book is very interesting and helpful for finance student. Chapter 1 provides great explanation about Normal People. And all concepts are easy to understand. The ideas in this book and its analytical approach have inspired me, and I would recommend the book to anyone when it is published. Chapter 2 refers a lot of references and gives readers a perfect and professional experience. There is a logical order and clear relationship among all points. And I appreciate the author’s expression. Chapter 6 is well written and really clear. As a matter of fact, it is not the first time for me to know the Prospect theory.To my surprise, I still get some new point from this textbook. There are some excellent figures and analysis to give me deeper understanding. As a result, this book is well worth to read!
Dr. Meir Statman is one of the fathers of "behavioral finance." He has pioneered and developed the field of behavioral finance during the past three decades. "Finance for Normal People" is the latest book of Dr. Statman that presents a comprehensive introduction about the current state of "behavioral finance." It is written in plain English and very easy to follow. The text comes with many real world examples to deliver the concepts to readers even without a strong background in finance. Part one of the book helps readers to understand the wants and constraints of normal investors and Part two introduces behavioral portfolio theory, behavioral life cycle theory, and behavioral asset pricing. I covered a number of chapters in my behavioral finance course for Master’s students and have received overwhelmingly positive feedback from students regarding the usefulness of the book. Many students commented that the knowledge they learned from the book is useful for daily life decisions about and beyond personal finance and investing. The book is accompanied with an instructor manual and a student manual, both of which contain many interesting materials and websites that are current and relevant. Regardless of whether you are looking for a casual reading about behavioral finance or a formal understanding of the field, this book is a great starting point. I would recommend it to anyone who is interested in understanding herself as a human who wishes to make better financial decisions under cognitive and emotional constraints. College educators who wish to use a good behavioral finance book should also consider this book seriously.
The book is incorrectly titled. The book is for financially knowledgeable people. Most "normal" people will not understand much of what is in this book. It's a fascinating look at behavioral finance, but focuses on important theories of finance that many will find awfully pedantic and complex. It is very informative and very interesting but not for everyone.
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