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Summary

From New York Times and USA Today best-selling 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. Listeners are treated to real, actionable guidance as the promise of behavioral finance is realized 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 10 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 combated and the five equity selection methods investors should harness to take advantage of behaviorally-induced opportunities in the stock market. Throughout, listeners are treated to anecdotes and research that explain 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!

©2016 Harriman House (P)2019 Harriman House

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  • Anonymous User
  • 05-10-20

Interesting, but with only a few new ideas

Interesting book, full of quotes and anecdotes from other authors, but without many new ideas. While the first part of the book promotes good investment behavior, the second part is just a rather vague active investment strategy based on value and momentum.

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  • Shannon Wayne Holland
  • 11-05-20

Will be a timeless book!

Loved it! A must read for both novice and experienced investors. I will definitely be reading again.

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  • NYCOliver
  • 01-12-19

A 'must study' for every investor

Don't just read it, study it. Again, don't just read it, study it. Then, follow the rules of investing you will have learned.