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Beyond Greed and Fear: Finance and the Psychology of Investing, by Hersh Shefrin
Download PDF Beyond Greed and Fear: Finance and the Psychology of Investing, by Hersh Shefrin
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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 judgement 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: #898984 in Books
- Brand: Brand: Oxford University Press, USA
- Published on: 2000-01-15
- Original language: English
- Number of items: 1
- Dimensions: 9.10" h x 1.40" w x 6.10" l,
- Binding: Hardcover
- 384 pages
- Used Book in Good Condition
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
"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 & 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 helpful customer reviews
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?
44 of 54 people found the following review helpful.
A random walk through behavioral finance.
By Patient Researcher
This book contains some interesting tidbits. Unfortunately, it is rife with serious errors and unwarranted assertions.
For example, in chapter 6 Prof. Shefrin attempts to discredit contrarian sentiment indicators. For all I know they may be worthy of discredit. Unfortunately for his argument, the data he chooses to display, Figures 6-1 and 6-3, appear to support the value of these indicators.
He declares the practice of investing in companies one knows to be "familiarity bias". While this is apt for employees with all funds in the company stock, he also applies it to Peter Lynch. According to Shefrin, Lynch beat the market 11 out of 13 years, and beat his nearest competitor by 6%(!) per year. Shefrin grudgingly admits there may have been some skill involved, but goes on to inform us that _investors_ "attribute too much of that success to skill rather than luck". Uh-huh.
In his chapter on public offerings, Prof. Shefrin declares that existing shareholders are being ripped off, because dramatic gains at the start of trading demonstrate the IPO could have sold at a higher price. Apparently Prof. Shefrin is unaware that underwriters enter into an obligation to support the aftermarket, and would be unlikely proceed without a good chance of an aftermarket pop, nor would subscribers purchase.
The chapter on closed end fund discounts is interesting. Unfortunately Prof. Shefrin fails to include the net present value of future management fees in his discussion.
Perhaps there will be a much revised and improved second edition.
35 of 40 people found the following review helpful.
Selective Presentation of the Evidence
By Herbert Gintis
I am a behavioral economist with a deep belief in the notion that human decision-makers deviate in important ways from the scientific principles laid down in modern rational choice theory. There is no doubt but that very many investors hold erroneous notions of the dynamics of price movements, and having a correct understanding will, on average lead to better returns on one's portfolio. Sheffrin presents the evidence for this position in an interesting and accessible manner.
Shefrin's main advice for investors is absolutely correct, and would improve the asset positions of many poor souls with idiotic notions of stock dynamics. His advice is that if you are not a gifted and dedicated stock expert, you should invest in a low-maintenance cost array of mutual funds, and above all, do not churn your stocks. It doesn't help to be smart, lucky, a stud with the girls, or blessed by God. Moreover, if you think you have one of the "gifted analysts" for a broker, you are to be counted as among the suckers who are never given an even break.
Shefrin has another thesis which he presents with great verve, but which is on very shakey grounds. This is that "gifted stock analysts" can on average, significantly out-perform the market. He believes this MUST be the case if a significant fraction of investors are behaving irrationality. However, there is another possibility, which is that stock brokers as a group gain from the excessive churning that irrational investors permit or ask them to do, but that it is impossible to "beat the market" except by pure luck or by personally studying firm fundamentals and future prospects.
Shefrin's data in favor of the "gifted analyst" is episodic and anecdotal, and there is plenty of data on the other side. For instance, in Malkiel's classic "Random Walk Down Wall Street", he relates the evidence that chimps throwing darts do as well as major brokerage houses. Sheffrin presents contrary evidence for a more recent period in which "gifted experts" outperform the random darts. New evidence, collected by Money magazine, shows that a group of experts did far worse than the darts in 2003. All of this evidence is spotty and anecdotal. The plural of anecdote is not data.
I am not convinced by this book that the efficient markets hypothesis, applied to final returns to investors (after payments to stock brokers and other transactions costs), is not correct. I think the author makes a mistake taking so strong a position when the evidence is so weak on this account. I am certainly not convinced that Malkiel's analysis is in any way overturned by new evidence.
However, if Shefrin convinces a few investors to act more sanely, he will have fulfilled an important social function.
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