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The Laws of Wealth: Psychology and the secret to investing success, by Daniel Crosby
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GOLD MEDALIST IN THE AXIOM BUSINESS BOOK AWARDS 2017
From New York Times and USA Today bestselling author, Dr Daniel Crosby, comes the behavioral finance book all investors have been waiting for.
In The Laws of Wealth, psychologist and behavioral finance expert Daniel Crosby offers an accessible and applied take on a discipline that has long tended toward theory at the expense of the practical. Readers are treated to real, actionable guidance as the promise of behavioral finance is realised and practical applications for everyday investors are delivered.
Crosby presents a framework of timeless principles for managing your behavior and your investing process. He begins by outlining ten rules that are the hallmarks of good investor behavior, including 'Forecasting is for Weathermen' and 'If You're Excited, It's Probably a Bad Idea'. He then goes on to introduce a unique new taxonomy of behavioral investment risk that will enable investors and academics alike to understand behavioral risk in a newly coherent and complete way.
From here, attention turns to the four ways in which behavioral risk can be combatted and the five equity selection methods investors should harness to take advantage of behaviorally-induced opportunities in the stock market. Throughout, readers are treated to anecdotes, research and graphics that illustrate the lessons in memorable ways. And in highly valuable 'What now?' summaries at the end of each chapter, Crosby provides clear, concise direction on what investors should think, ask and do to benefit from the behavioral research.
Dr. Crosby's training as a clinical psychologist and work as an asset manager provide a unique vantage and result in a book that breaks new ground in behavioral finance. You need to follow the laws of wealth to manage your behavior and improve your investing process!
- Sales Rank: #40679 in Books
- Published on: 2016-06-27
- Released on: 2016-06-27
- Original language: English
- Dimensions: 8.50" h x .69" w x 5.50" l, .0 pounds
- Binding: Hardcover
- 286 pages
Review
Using lively and engaging real-life examples Dr. Crosby gives insights into innate human behavior and its role within the financial markets. In this entertaining book he provides brilliant invaluable practical framework for investors, financial professionals and anyone in search of true wealth.
--Dr. Svetlana Gherzi, Behavioral Finance Specialist, UBS
Drawing the connection that what makes us interesting as humans can make us unsuccessful at managing our money in times of turbulence, Dr. Crosby provides a safe haven with his framework for success. This book is not only informative but enjoyable, as he gently exposes how human behavior impacts our decision making.
--Noreen D. Beaman, CEO of Brinker Capital, Inc
The financial services industry is broken and has for too long ignored the human factor. Savvy investors and advisors understand that emotions, decisions and behavior are at least as important as big returns and Dr. Daniel Crosby explains just that in The Laws of Wealth
--David Geller, CEO, GV Financial
When I'm looking for sharp, against-the-grain insights on how we can and should make better investing decisions, I always turn to Daniel Crosby. If he s publishing, blogging, or Tweeting, I want to know about it. It also doesn't hurt that he's often hilarious in taking our built-in foibles and creating the potential for ending up in a much better place than we would otherwise. This book is yet another fantastic contribution to the practice of sound (and sane) investing.
--Dr. Brian Portnoy, Head of Investor Education at Virtus Investment Partners
Step away from CNBC and into financial therapy! People often think that buy low, sell high is the first (and only) rule of investing. This deceptively simple phrase motivates most, if not all investors, and yet many investors fail to successfully follow this simple mantra. In The Laws of Wealth, Daniel Crosby explains why we struggle with deceptively simple investment decisions, suggesting that first rule of profitable investing is to get out of your own way.
--Meredith A. Jones, Author, Women of The Street: Why Female Money Managers Generate Higher Returns (And How You Can Too)
Dr. Daniel Crosby is one of the preeminent behavioral psychologists in investing today, and it shows with this tour de force of how an investor can manage their wealth. With these few simple rules, investors can easily build a framework allowing them to thrive, even when their human instincts try to sabotage their investing. Get this book!
--Aaron Klein, CEO at Riskalyze
Individual investors are often their own worst enemies, whether they re selling when they should be buying, focusing on their stocks day-to-day swings or letting the media drive them into a panicked emotional state. In Dr. Daniel Crosby s newest book, he breaks down how to implement a set of easy-to-follow rules to keep investors on track. Don't let your mind ruin your investing outcomes. Read his book and arm yourself against yourself today.
--LouAnn Lofton, The Motley Fool
About the Author
Educated at Brigham Young and Emory Universities, Dr. Daniel Crosby is a psychologist, behavioral finance expert and asset manager who applies his study of market psychology to everything from financial product design to security selection. He is co-author of the New York Times bestseller Personal Benchmark: Integrating Behavioral Finance and Investment Management and founder of Nocturne Capital. He is at the forefront of behavioralising finance. His ideas have appeared in the Huffington Post and Risk Management Magazine, as well as his monthly columns for WealthManagement.com and Investment News. Daniel was named one of the "12 Thinkers to Watch" by Monster.com, a "Financial Blogger You Should Be Reading" by AARP and in the "Top 40 Under 40" by Investment News. When he is not consulting around market psychology, Daniel enjoys independent films, fanatically following St. Louis Cardinals baseball, and spending time with his wife and three children.
Most helpful customer reviews
9 of 9 people found the following review helpful.
You Control What Matters Most
By Amazon Customer
Full disclosure: I know the author, was thanked in the acknowledgements, and my work was quoted in the book.
There are many things we cannot control in the world of investing. In the Laws of Wealth, Dr. Crosby makes a compelling argument for what we can control – our own behavior –�may be the most important aspect of all in determining the long-term success of our financial plans.
A psychologist by training, Dr. Crosby lays a foundation of evidence that the behavioral shortcuts we use to make our every day lives more efficient actually cripple our ability to be successful investors. While this foundation is built by the thorough citation of academic studies, it is illustrated with entertaining anecdotes.
Perhaps that is what makes this book so great. It never feels like a dry recitation of prior work. Dr. Crosby expertly weaves into the academic basis interesting quotes from practitioners and compelling narratives that entertain and educate.
The first half the book lays out Dr. Crosby’s 10 laws of wealth, each rule crafted to help address and combat a unique behavioral bias. The basis for the rules themselves are discussed at length with a surprisingly cross-disciplinary approach: a citation of a seminal behavioral finance paper may be sandwiched between a pop-culture reference and the results of a highly quantitative study. Chapters are finished with a highly practical three point summary, laying out what we should think, ask, and do as a result of what we just learned.
The second half of the book outlines why misbehavior may actually be opportunity for prudent investors. A few simple rules are outlined – again supported by a significant weight of evidence –�that may help the everyday investor take advantage of the behavioral biases exhibited by other market participants to create excess return.
My only critique of this book is that is can sometimes feel more like a well organized discussion of other people’s work (“OPW”) than a truly unique contribution to the field of behavioral finance itself. This use of OPW can sometimes feel a bit jarring as the author rapidly jumps between different anecdotes and studies. While the book has a comprehensive thread of thought, I sometimes found myself laughing at an anecdote mid-chapter, and then scratching my head trying to recall what the overall chapter theme was.
Yet perhaps Dr. Crosby’s greatest contribution to this space is the fact that he has created a very accessible and comprehensive introduction to behavioral finance in a highly entertaining package. In a field where results can be locked away in indecipherable academic papers and numeric tables, The Laws of Wealth does an expert job compiling, translating, explaining, and entertaining to ultimately illustrate a singular, but highly important point: we ultimately control the single most important factor in investing –�ourselves.
6 of 6 people found the following review helpful.
One of the best books I've read on markets as a hedge fund trader, bank trader, and financial literacy expert
By R. P. Singh
As a quant hedge fund trader, exotics bank trader, and current FinTech founder with a bent toward Financial Literacy, words cannot express how much I enjoyed this book. It contains these profound one-two sentences that have incredible implications that I haven't seen anybody else in mainstream financial literature cover. Heck, I haven't even seen bank or hedge fund literature cover.
For example, the author (Dan Crosby) talks about topics about how market-cap weighted indices like the S&P 500 have implicit momentum, since they include the largest stocks. This is because the largest stocks got there because of performance. Then Dr. Crosby mentions mean reversion and quotes studies to demonstrate the mean reversion effect.
Also he challenges our basic assumptions of risk, like the pitfalls of volatility in an understandable manner than really highlights limitations of the quant finance world (one in which I'm well-versed as a former quant trader).
I would rate the book more understandable than Expert Political Judgment: How Good Is It? How Can We Know?, and more rigorous than The Signal and the Noise: Why So Many Predictions Fail--but Some Don't.
The fact that I can put this book on par with those two speaks volumes.
Also the author is weirdly quirky. The language he uses sometimes catches you off guard and makes you go "..." in the most delightfully wonderful way.
Can't say enough good things. This will probably be the first book I recommend to newcomers after listening to my podcast. IMO everybody should read this after they learn basic terminology (what is a stock, S&P 500, etc.).
Wonderful job Dr. Crosby
4 of 4 people found the following review helpful.
Well done, Daniel!
By Michael H. Baker, CFP�
I have read numerous books on behavioral finance, as I believe it to be an essential skill set for today's advisors and investors, and Daniel's new book is one of my favorites. As a financial professional, I work day-to-day with clients on the behavioral side of financial decisions; and having a book such as this one is a tremendous asset. Dare I say that, in today's changing marketplace, if your'e a financial pro that is NOT focusing on investor behavior and behavioral coaching in your practice, you may find your value proposition becoming extremely light in the years ahead. If you're an investor who wants to go it alone, Daniel's book will give you some practical insights about how to blaze your own trail...and also why you're wired to fail.
This has been a fun, practical read--full of great references and entertaining anecdotes. Definitely worthy of your time.
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