Aug

18

 "The market may be crazy, but that doesn't make you a psychiatrist."

-Meir Statman

Gary Rogan comments: 

I was actually reading Statman's book What Investors Really Want, highlighted in the link, and almost finished it over the weekend. It's slightly less formulaic than the typical "behavioral economics" book, and at times entertaining, but just as useless. Is there really a need for many more examples of "all we really want to do is to rationalize what we have done or feel like doing" ? It's amazing how much contempt for human beings this whole research sub-culture has, at least this one pokes fun at himself at times. But fundamentally it's the same message as always: don't attempt to beat the market because you are destined to fall victim to the emotional zeitgeist.


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