WHAT INVESTORS WANT Praise for What Investors Really Want "We all share behavioral traits that are major roadblocks to intelligent financial decisions. Bottom line: if you really want to achieve investment success, understand yourself and eliminate or minimize these traits. This book will help you do exactly that." -- John C. Bogle, Founder, Vanguard Funds "What Investors Really Want enables us to "post mortem" the financial decisions of ourselves and others. The book is extremely valuable for theory, as a survey of how the human animal makes financial decisions, and for the practice of making smarter financial decisions." --Harry M. Markowitz, Rady School of Management, University of California, San Diego; winner, Nobel Memorial Prize in Economic Sciences "In investing, we are often our own worst enemies. Meir Statman, an expert in behavioral finance, explains the common errors to which we are prone and helps us make smarter decisions about our investments." --Burton Malkiel, bestelling author of A Random Walk Down Wall Street "A masterly review of the many pitfalls and challenges facing market participants today, written by one of the founders of the field of behavioral finance. This volume should be required reading for all investors and their financial advisors!" --Andrew W. Lo, Harris & Harris Group Professor of Finance at the MIT Sloan School of Management "What a gem! Meir Statman is a wise and engaging teacher, and after reading his book, I will be a wiser, better, less anxious investor." --Don Ezra, co-chair, global consulting, Russell Investments, and co-author of Pension Fund Excellence and The Retirement Plan Solution "The first step to good investing is always the same, 'know thyself'. If you read this book and don't recognize a lot of yourself in it, you're just not paying attention!" --Cliff Asness, founding and managing principal, AQR Capital Management LLC "Meir Statman, a leading light of behavioral finance, shines the bright light of modern neuropsychology on all the mental demons that conspire to make you poor. He'll make you laugh, he'll make you cry and, best of all, he'll improve your bottom line." --William Bernstein, bestselling author of The Intelligent Asset Allocator, The Four Pillars of Investing, and The Investor's Manifesto; co-founder, Efficient Frontier Advisors "The result is a message that is not only well presented, but also richly worth reading." --Barron's "An excellent introduction to the behavioural science world of investing and individuals." --FT Advisor Combining the new field of behavioral finance with the real world of investing, this engaging new book explores the mind-sets and motivations behind the major money decisions--and most common mistakes-that investors make every day. With insider's insight, and a storyteller's voice, behavioral finance expert Meir Statman reveals What Investors Really Want ...Investors want bigger profits with lower risks. How our desire for free investment lunches can leave us with nolunches Investors want to play and win. How our desire to win the investment game can turn us into losers Investors want to save money for tomorrow and spend it today. How we struggle between spending too much andspending too little Investors want status, respect, and social responsibility. How to know what's really important in life Investors do not want to face financial losses. How to recognize and confront the regret that accompanies losses You'll also learn how age, gender, genetics, and personality affect your investment decisions and how people of different countries and cultures think about risks and returns, poverty, and wealth. You'll discoverhow behavioral finance provides key insights into the behavior that has rocked investment markets in recent years. And, most important, you'll learn to recognize the desires, thoughts, and emotions that drive your own investment decisions--so you can drive better on your road to investment success.
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我通常对那些声称能“揭示真相”的书保持警惕,因为在投资领域,“真相”往往是动态变化的。但这本书却以一种极其谦逊且求真的态度,引导读者进行自我探索。它的核心逻辑非常清晰,就是强调投资者必须建立一套属于自己的、能够抵御市场噪音的“内部罗盘”。作者花了很长时间来讨论如何构建这种个人化的投资哲学,他没有提供标准化的答案,而是提供了一套强大的“提问工具箱”。比如,当市场出现极度乐观情绪时,他教我们不是去预测拐点,而是反问自己:“我是否完全理解了当前定价中包含的所有正面预期?”这种由内而外的审视,比任何外部信息都来得更有力量。书中对于“信息熵增”在金融市场中的应用探讨,尤其具有开创性,它解释了为什么随着信息时代的到来,主动管理获取超额收益的难度反而加剧了。作者对市场噪音的描述非常精准,他将噪音比喻为不断干扰飞机的气流,强调纪律性是穿越这些气流的唯一途径。这本书不是一本让你一夜暴富的指南,它更像是一位严谨的导师,在你踏入险峻的山峰前,帮你校准好所有的导航设备,确保你的每一步都走在坚实的土地上。对我而言,这是一本可以随时翻阅,并在迷茫时重新校准方向的工具书,其价值在于对心智的长期磨砺和强化。
评分这本书的装帧设计给我的第一印象非常大气,封面采用了一种深沉的墨绿色调,配上烫金的字体,透露出一种沉稳和专业的质感。我翻开第一页,就被作者那种直截了当的叙事风格所吸引。他没有用那些晦涩难懂的金融术语来故作高深,而是用一种近乎和朋友聊天的口吻,把复杂的投资理念层层剥开,像剥洋葱一样,让你一步步深入核心。尤其是在讲述“市场情绪”对资产价格的影响时,作者引用了大量的历史案例,比如某个特定时期大众的过度恐慌是如何导致优质资产被错杀的,那种叙述的画面感极强,仿佛我正坐在那个时代的交易大厅里,亲身感受着那种紧张的空气。更值得称赞的是,书中对“长期主义”的阐述,它不仅仅停留在口号层面,而是通过严谨的数学模型和对几十年间几家标志性企业的深度剖析,展示了复利效应是如何在时间的长河中,将微小的优势转化为巨大的财富。我特别喜欢其中一个章节,它探讨了“心理认知偏差”在投资决策中的作用,作者没有批判投资者,而是用一种理解和同情的角度,解释了为什么即便是最聪明的头脑也容易被贪婪和恐惧所裹挟,这种细腻的心理刻画,让我对自己过往的一些冲动交易行为有了更深刻的反思。整本书读下来,感觉像是经历了一次高强度的思维训练,它提供的不是“买什么”的秘籍,而是“如何思考”的底层逻辑,这种构建思维框架的体验,远比那些短期收益的建议要宝贵得多。
评分对于我这种在行业里摸爬滚打了十几年,自认为已经对金融世界有了一定认知的“老兵”来说,很多新书往往缺乏惊喜。但是,当我接触到这本书时,我发现自己被拉进了一个全新的思考领域。这本书的深度远超出了肤浅的资产配置建议,它更像是一本关于“资本的哲学”的探讨。作者花了大量篇幅去解构“效率市场假说”在现实世界中的局限性,他并没有全盘否定它,而是巧妙地指出了在信息不对称和行为经济学作用下,市场何时会回归效率,何时又会彻底偏离。这种辩证的分析方式,让我对教科书上的教条有了更具批判性的审视。尤其是在讨论“定价权”和“护城河”的时候,作者的视角非常独特,他不仅仅关注财务报表上的指标,而是将企业的文化、管理层的远见以及其在产业链中的不可替代性纳入了评估体系,这是一种非常立体的“价值发现”方法论。这本书的行文节奏掌握得极好,时而缓慢沉思,时而快速推进,尤其是在介绍那些历史上著名的投资失败案例时,作者的笔触极其冷静客观,没有指责,只有对人性弱点的深刻剖析。它给我带来的最大收获是,重新审视了投资决策中的“主观能动性”与“客观规律”之间的关系,这本书无疑是为那些寻求更高层次认知的投资者准备的佳作。
评分这本书最让我感到惊喜的是它的叙事风格,简直像一部精心打磨的纪录片剧本。它没有那种冷冰冰的理论推导,而是充满了生动的故事和鲜活的人物侧写。作者似乎拥有某种魔力,能将枯燥的宏观经济数据和复杂的金融工具,转化为易于理解和感同身受的场景。例如,在讲解固定收益类投资的风险传导机制时,他没有直接扔出复杂的公式,而是通过描绘一个小型信贷机构在利率上行周期中的挣扎与求生,让读者真切地体会到流动性紧缩的痛苦。此外,书中对于不同文化背景下的投资者行为模式进行了有趣的对比研究。不同于西方市场对短期收益的执着,亚洲投资者在某些关键时刻展现出的集体耐心和对家族财富传承的考量,被作者细腻地捕捉并分析了其背后的深层原因。这种跨文化、跨视角的比较,极大地拓宽了我的视野,让我意识到投资决策并非是完全普适的,它深深根植于社会结构和文化土壤之中。读完后,我感觉自己对全球市场的运行逻辑有了一种更具人文关怀的理解,它不仅仅是数字的博弈,更是人类集体心理和文化价值观的投射。这本书的阅读体验是愉悦而富有启发性的,它让我对“常识”产生了更多的质疑,并鼓励我去探索隐藏在表象之下的真实动力。
评分我是在一个漫长的出差途中开始阅读这本新作的,坦白说,一开始我抱着怀疑的态度,因为市面上的投资书籍大多是“翻来覆去炒冷饭”,无非是价值投资的变体或者技术分析的复述。然而,这本书的叙事结构非常巧妙,它没有按照传统的“理论—实践”的线性逻辑展开,反而更像是一部层层深入的侦探小说。作者仿佛是一位经验丰富的猎人,他带领我们追踪那些看似不相关,实则紧密关联的市场线索。我印象最深的是关于“非理性繁荣”的论述,作者并没有简单地谴责泡沫,而是深入挖掘了制造泡沫的社会心理根源和监管环境的缺位,他把金融市场描绘成一个复杂的生态系统,而不是一个孤立的数字游戏。书中对“风险厌恶”与“风险偏好”的平衡探讨,更是引人入胜。他挑战了传统金融理论中对“期望效用”的假设,提出了一个更符合现实世界中人性博弈的框架。在描述那些市场“黑天鹅”事件时,作者的文笔变得极其凝练和富有张力,那种描述危机爆发前夜的宁静与山雨欲来风满楼的对比,让我屏住了呼吸。这本书的价值在于,它不满足于解释“发生了什么”,而是更执着于追问“为什么会发生”,以及“我们能从中吸取何种超越具体市场的教训”。读完后,我感觉自己对市场的理解不再是线性的,而是多维度的,充满了对不确定性的敬畏和拥抱。
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