A good piece with applications at all levels of trading. “It infuriates me to be wrong, when I know I am right.” (Moliere) In a previous job, I worked for an investment consultant who employed a psychologist to assist in their fund manager research process. I vividly recall her making a particularly astute point about…
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I grabbed the image below from Investors Business Daily I took the image because I wanted to highlight two sections for you. It probably amazes equity analysts that traders/investors with critical thinking skills find them laughable. While traders/investors with critical thinking skills find people who dont find them laughable simply moronic. How could this profession be…
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Across the road from Happy Valley, 27 floors up, two Americans sat in a plush office, ignoring a live feed of the action that played mutely on a TV screen. The only sound was the hum of a dozen computers. Bill Benter and an associate named Paul Coladonato had their eyes fixed on a bank…
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Ya reckon….yet another thing that probably got a grant when one wasn’t actually needed. Some things belong in the no shit Sherlock file…. Abstract It is widely assumed that psychopathic personality traits promote success in high-powered, competitive contexts such as financial investment. By contrast, empirical studies find that psychopathic leaders can be charming and persuasive,…
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I am currently making my way through Ray Dalio’s collection of thoughts and it is proving to be an interesting read. Dalio is an interesting individual with an interesting take on life – this obviously explains in part why his hedge fund Bridgewater has a somewhat interesting reputation for having an unusual corporate culture. What…
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The sad news of the passing of Roger Bannister, the first human being to run a four-minute mile, got me thinking about his legacy — not just as one of the great athletes of the past century, but as an innovator, a change agent, and an icon of success. As it turns out, when he broke…
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It is often claimed that negative events carry a larger weight than positive events. Loss aversion is the manifestation of this argument in monetary outcomes. In this review, we examine early studies of the utility function of gains and losses, and in particular the original evidence for loss aversion reported by Kahneman and Tversky (Econometrica …
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Public hearings for the Financial Services Royal Commission, which resumed this week, are bringing to light some questionable practices in the sector – from lending beyond people’s means, to giving the wrong financial advice and charging for advice that was never given. Unaffordable home loans, poor financial advice and unmanageable consumer credit may have serious consequences for many Australians, beyond…
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