Behavioral Finance and Wealth Management: How to Build Optimal Portfolios That Account for Investor Biases (Wiley Finance)

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9780471745174: Behavioral Finance and Wealth Management: How to Build Optimal Portfolios That Account for Investor Biases (Wiley Finance)
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"Pompian is handing you the magic book, the one that reveals your behavioral flaws and shows you how to avoid them. The tricks to success are here. Read and do not stop until you are one of very few magicians."
—Arnold S. Wood, President and Chief Executive Officer, Martingale Asset Management

Fear and greed drive markets, as well as good and bad investment decision-making. In Behavioral Finance and Wealth Management, financial expert Michael Pompian shows you, whether you're an investor or a financial advisor, how to make better investment decisions by employing behavioral finance research. Pompian takes a practical approach to the science of behavioral finance and puts it to use in the real world. He reveals 20 of the most prominent individual investor biases and helps you properly modify your asset allocation decisions based on the latest research on behavioral anomalies of individual investors.

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From the Inside Flap:

Although fear and greed have always driven the markets—— as well as good and bad investment decision-making—— behavioral finance as a discipline has only recently attracted serious attention from both financial professionals and investors. Given the run up in stock prices during the late 1990s, and the subsequent popping of the technology bubble, understanding investor behavior is now more important than ever.

As a wealth manager and practitioner at the forefront of the practical application of behavioral finance, Michael Pompian understands the behavioral biases that investors have. Through his experiences, he has discovered specific ways to adjust investment programs for these biases, and now he shares these findings in Behavioral Finance and Wealth Management.

Comprising four distinct parts, Behavioral Finance and Wealth Management is a comprehensive guide to both understanding irrational investor behavior and creating portfolios for individual investors that account for these behaviors.

Part One provides a straightforward introduction to the practical application of behavioral finance. These chapters include an overview of what behavioral finance is on an individual level, a history of behavioral finance, and an introduction to incorporating investor behavior into the asset allocation process.

Part Two contains a detailed review of some of the most commonly found biases, complete with general and technical descriptions, practical applications, research reviews, implications for investors, diagnostic tests, and advice on managing the effects of each bias.

Part Three takes the concepts presented in the first two parts and pulls them together in the form of case studies, which clearly demonstrate how practitioners and investors can use behavioral finance in real-world settings.

Part Four explores some special topics in the practical application of behavioral finance, with an eye toward the future of what might lie ahead for the next phase of this discipline.

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Praise for Behavioral Finance and Wealth Management

"Pompian is handing you the magic book, the one that reveals your behavioral flaws and shows you how to avoid them. The tricks to success are here. Read and do not stop until you are one of very few magicians."
—Arnold S. Wood, President and Chief Executive Officer Martingale Asset Management

"I wish this book had been available a decade ago; by understanding behavioral biases, clients and professionals can stay focused and comfortable throughout the markets' bubbles and doldrums. Michael Pompian moves our profession forward by proposing a standardized structure for this approach."
—Elizabeth K. Miller, CFA, Managing Director Trevor Stewart Burton & Jacobsen Inc., and former chair of the New York Society of Security Analysts' Wealth Management Committee

"Many inefficiencies in the market are the result of how investors let their emotions dictate their investment decisions. Michael Pompian's work provides a framework to understand why these inefficiencies exist, and how they can provide investors with significant profit-making opportunities."
—Stanley G. Lee, CFA, Principal, David J. Greene & Company, LLC

"Michael Pompian has created a valuable resource for investors and those in the wealth management community by not only explaining a number of important behavioral biases, but also giving them actionable steps to reduce biases and improve investment performance."
—John M. Longo, PhD, CFA, Senior Vice President Investment Strategy, the MDE Group, Inc., and Adjunct Professor of Finance at Rutgers University Graduate School of Management

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