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Your Money and Your Brain: How the New Science of Neuroeconomics Can Help Make You Rich Kindle Edition
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-- William Bernstein, associate clinical professor of neurology, Oregon Health and Science University; cofounder, Efficient Frontier Advisors; and author of The Four Pillars of Investing
From Publishers Weekly
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved. --This text refers to an out of print or unavailable edition of this title.
- ASIN : B000SEPIGE
- Publisher : Simon & Schuster; Reprint edition (September 4, 2007)
- Publication date : September 4, 2007
- Language : English
- File size : 2873 KB
- Text-to-Speech : Enabled
- Screen Reader : Supported
- Enhanced typesetting : Enabled
- X-Ray : Enabled
- Word Wise : Enabled
- Print length : 310 pages
- Lending : Not Enabled
- Best Sellers Rank: #295,179 in Kindle Store (See Top 100 in Kindle Store)
- Customer Reviews:
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Top reviews from the United States
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The interesting thing is that the interplay between the emotional side of the brain and money (or the perceived value of something in relation to money, a stock for instance) is actually an old subject. The "Fool and His Money" has been widely commented on by an assortment of people diverse enough to include Penn & Teller, Harry Houdini and Anton Lavey as well as Warren Buffett, Ben Graham and the other financial types that you would expect to see at the table for this topic.
The difference is that now it has a name that gives it more credibility as a specialized field within both psychology and economics. The subject is old, but it's serious study is quite new. Most of what you will read and hear in Neuroeconomics represents recent work. This book is an excellent place to start. Interviews with this author and related videos on Neuroeconomics can be found on YouTube. This book and those vids will give a sound introduction to this subject.
Zweig demonstrates how humans have relied on our reflective systems as though our instincts were built for the problems we face today; however, the reality is that our instincts were built for survival purposes. Instincts have served us well for millions of years, yet the modern world renders survival intuition meaningless, and a reliance on these instincts for investment is not only irrational, but dangerous. Our tendency to search for patterns causes us to assume order where it doesn't exist, and as a result our instincts cause us to jump to unhelpful conclusions.
There may be a large difference in the knowledge base between the average investor and the manger of a multi-billion dollar hedge fund, but there is little to no difference in nature of irrational thinking. Zweig clearly illustrates why the playing field for poor thinking is level no matter what your status, and learning to defend against hasty and imprudent decisions cannot be overstated. Put best in his own words, Zweig states, "Over the years, I've grown convinced that there are only three kinds of investors: those who think they are geniuses, those who think they are idiots, and those who aren't sure. As a general rule, the ones who aren't sure are the only ones who are right."
This book is fully enlightening and will leave you with an improved awareness of the proper rationale for making money. Zweig has an exceptional grasp of the human intellect as well as a strong ability to present the material coherently and effectively. The result is a masterpiece that any investor should read.
Top reviews from other countries
If anyone has any idea where this elusive figure 6.1 is please let me know! I have the paperback.
Dies ist für mich eines der spannendsten und unterhaltsamsten Bücher zum Themenbereich behavioral finance. Trotz des etwas reißerischen Titels: die Darstellung ist systematisch und umfassend und man merkt in jeder Zeile, dass der Autor sein Thema gefunden hat. Warum können eigentlich deutsche Autoren nicht so schreiben?
Jason Zweig beschreibt in zehn Kapiteln was bei für Anlageentscheidungen relevanten Punkten wie Gier, Vorhersagen, Risiko, Angst, etc. in unserem Gehirn tatsächlich geschieht und wie unser Handeln ohne dass uns dies bewusst ist beeinflusst wird. Das Buch wird vor allem dadurch lesenswert, dass die Erkenntnisse allgemeinerer Natur sind und der Bereich Finanzen nur ein Anwendungsfall von vielen ist. Wer eine wissenschaftlichere Darstellung des Themenkreises bevorzugt, der sei auf das Buch von Daniel Kahneman "Thinking, Fast and Slow" verwiesen.