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The Little Book of Behavioral Investing: How not to be your own worst enemy Hardcover – January 26, 2010

4.5 4.5 out of 5 stars 816 ratings

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A detailed guide to overcoming the most frequently encountered psychological pitfalls of investing

Bias, emotion, and overconfidence are just three of the many behavioral traits that can lead investors to lose money or achieve lower returns. Behavioral finance, which recognizes that there is a psychological element to all investor decision-making, can help you overcome this obstacle.

In The Little Book of Behavioral Investing, expert James Montier takes you through some of the most important behavioral challenges faced by investors. Montier reveals the most common psychological barriers, clearly showing how emotion, overconfidence, and a multitude of other behavioral traits, can affect investment decision-making.

  • Offers time-tested ways to identify and avoid the pitfalls of investor bias
  • Author James Montier is one of the world's foremost behavioral analysts
  • Discusses how to learn from our investment mistakes instead of repeating them
  • Explores the behavioral principles that will allow you to maintain a successful investment portfolio

Written in a straightforward and accessible style, The Little Book of Behavioral Investing will enable you to identify and eliminate behavioral traits that can hinder your investment endeavors and show you how to go about achieving superior returns in the process.

Praise for The Little Book Of Behavioral Investing

"The Little Book of Behavioral Investing is an important book for anyone who is interested in understanding the ways that human nature and financial markets interact."
Dan Ariely, James B. Duke Professor of Behavioral Economics, Duke University, and author of Predictably Irrational

"In investing, success means¿being on the right side of most trades. No book provides a better starting point toward that goal than this one."
Bruce Greenwald, Robert Heilbrunn Professor of Finance and Asset Management, Columbia Business School

"'Know thyself.' Overcoming human instinct is key to becoming a better investor.¿ You would be irrational if you did not read this book."
Edward Bonham-Carter, Chief Executive and Chief Investment Officer, Jupiter Asset Management

"There is not an investor anywhere who wouldn't profit from reading this book."
Jeff Hochman, Director of Technical Strategy, Fidelity Investment Services Limited

"James Montier gives us a very accessible version of why we as investors are so predictably irrational, and a guide to help us channel our 'Inner Spock' to make better investment decisions. Bravo!"
John Mauldin, President, Millennium Wave Investments

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Editorial Reviews

From the Inside Flap

Ben Graham, the father of value investing, once said: "The investor's chief problem and even his worst enemy is likely to be himself." Sadly, Graham's words are still true today. Bias, emotion, and overconfidence are just three of the many behavioral traits that can lead investors to lose money or achieve lower returns. Fortunately, behavioral finance, which recognizes that there is a psychological element to all investor decision making, is now firmly embedded in the mainstream of finance. Applying behavioral principles to an investment portfolio can help investors avoid some of the mental pitfalls that so often cost them, and financial institutions, billions.

In The Little Book of Behavioral Investing, behavioral finance expert James Montier takes you on a guided tour of the most common behavioral challenges and mental pitfalls that investors encounter, and provides you with strategies to eliminate these traits. Along the way, he shows how some of the world's best investors have tackled the behavioral biases that drag down investment returns, so that you might be able to learn from their experiences.

Page by page, Montier explains the importance of learning to prepare, plan, and then commit to a strategy that is, do your investment research while you are in a "cold" rational state, when nothing much is happening in the markets and then pre-commit to following your analysis and action steps. He also stresses the folly of trying to forecast what the markets will do, and reveals how the idea of investing without pretending you know the future gives you a very different perspective. Throughout the book, Montier stresses why the need to focus on process rather than outcomes is critical in investing. Focusing upon process, he shows, frees us up from worrying about aspects of investment that we really can't control such as returns. By focusing upon process, we maximize our potential to generate good long-term profits.

The Little Book of Behavioral Investing offers a range of time-tested ways to identify and avoid the pitfalls of investor bias. By following these simple strategies, you will learn to overcome your own worst enemy when it comes to investments yourself.

From the Back Cover

Praise for The Little Book Of Behavioral Investing

"The Little Book of Behavioral Investing is an important book for anyone who is interested in understanding the ways that human nature and financial markets interact."
Dan Ariely, James B. Duke Professor of Behavioral Economics, Duke University, and author of Predictably Irrational

"In investing, success means being on the right side of most trades. No book provides a better starting point toward that goal than this one."
Bruce Greenwald, Robert Heilbrunn Professor of Finance and Asset Management, Columbia Business School

"'Know thyself.' Overcoming human instinct is key to becoming a better investor. You would be irrational if you did not read this book."
Edward Bonham-Carter, Chief Executive and Chief Investment Officer, Jupiter Asset Management

"There is not an investor anywhere who wouldn't profit from reading this book."
Jeff Hochman, Director of Technical Strategy, Fidelity Investment Services Limited

"James Montier gives us a very accessible version of why we as investors are so predictably irrational, and a guide to help us channel our 'Inner Spock' to make better investment decisions. Bravo!"
John Mauldin, President, Millennium Wave Investments

Product details

  • Publisher ‏ : ‎ Wiley; 1st edition (January 26, 2010)
  • Language ‏ : ‎ English
  • Hardcover ‏ : ‎ 240 pages
  • ISBN-10 ‏ : ‎ 0470686022
  • ISBN-13 ‏ : ‎ 978-0470686027
  • Item Weight ‏ : ‎ 2.31 pounds
  • Dimensions ‏ : ‎ 5.2 x 1.1 x 7 inches
  • Customer Reviews:
    4.5 4.5 out of 5 stars 816 ratings

About the author

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James Montier
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James Montier is a member of GMO's asset allocation team. Prior to that, he was the co-Head of Global Strategy at Société Générale and has been the top-rated strategist in the annual Thomson Extel survey for most of the last decade. Montier is the author of three market-leading books, Behavioral Finance: Insights into Irrational Minds and Markets, Behavioral Investing: A Practitioners Guide to Applying Behavioral Finance, and Value Investing: Tools and Techniques for Intelligent Investment. He is a Visiting Fellow at the University of Durham and a Fellow of the Royal Society of Arts. Montier has been described as a maverick, an iconoclast, and an enfant terrible by the press.

Customer reviews

4.5 out of 5 stars
816 global ratings

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Customers say

Customers find the book informative and enjoyable. They appreciate its insightful content and consider it a useful resource for traders and investors. The book is described as an easy, concise read that intuitively presents complex concepts. Many readers find the humor amusing and enlightening.

AI-generated from the text of customer reviews

49 customers mention "Value for money"44 positive5 negative

Customers find the book informative and enjoyable. They find it relevant and a good choice for investors. The book is part of a series that can improve long-term returns.

"All of the books in this series are AWESOME! Have learned so much" Read more

"Wonderful book describing all the cognitive biases and mistakes we humans are likely to make...." Read more

"Outstanding little book...." Read more

"...The book is very easy to read, enjoyable and makes sense, and has lots of short helpful and verifying anecdotes from successful investors such as..." Read more

39 customers mention "Insight"39 positive0 negative

Customers find the book insightful and helpful for investors. They say it's a good reference on behavioral investing, with great information presented. The book is useful for showing investors how to better understand the pitfalls they fall into as investors. It includes references to psychological studies that are interesting, and it's easy to read and packed with practical examples.

"A good tour of behavioral investing issues, grounded in behavioral economics research and with on-point anecdotes and quotes from well-known..." Read more

"This is an often overlooked aspect of investing: how your own behavior and misperceptions can affect your investment return...." Read more

"...It is a great tool for any investor to understand the mistakes your gut will try to make you commit...." Read more

"...The book is about recognizing and then overcoming behavioral biases that most of us have ( I certainly do) and then taking control over what we can..." Read more

20 customers mention "Readability"18 positive2 negative

Customers find the book easy to read and concise. They say it presents complex concepts in a simple way, with examples. The writing style is light and fun, with quotable quotes and fast-paced reading.

"...More concise and on-point than Scott Nation's recent The Anxious Investor." Read more

"...and can present research in a digestible manner that is accessible to the general reader...." Read more

"...The book is very easy to read, enjoyable and makes sense, and has lots of short helpful and verifying anecdotes from successful investors such as..." Read more

"...Most of the chapters are relatively short, making it a nice read in a short gap. I found myself looking forward to reading this every chance I found." Read more

5 customers mention "Humor"5 positive0 negative

Customers find the humor amusing and enlightening.

"...I have read the author's articles for years. He is articulate, funny and can present research in a digestible manner that is accessible to the..." Read more

"...It's written in a light, fun style with quotable quotes and lots of examples. Come for the investing, stay for the meditation on human minds." Read more

"...I want to agree that the contents are worthwhile and, at times, amusing...." Read more

"...I found the book both fascinating and entertaining...." Read more

Top reviews from the United States

  • Reviewed in the United States on July 24, 2022
    A good tour of behavioral investing issues, grounded in behavioral economics research and with on-point anecdotes and quotes from well-known investors. More concise and on-point than Scott Nation's recent The Anxious Investor.
    2 people found this helpful
    Report
  • Reviewed in the United States on September 25, 2019
    This is an often overlooked aspect of investing: how your own behavior and misperceptions can affect your investment return. I have read the author's articles for years. He is articulate, funny and can present research in a digestible manner that is accessible to the general reader. There are a few more typos in here than I normally expect in a professionally produced book so I can't give it a 5. Sloppy. I would love to compare the paper book to the e book to see if the same errors appear.
    4 people found this helpful
    Report
  • Reviewed in the United States on April 14, 2024
    All of the books in this series are AWESOME! Have learned so much
    One person found this helpful
    Report
  • Reviewed in the United States on March 13, 2017
    Wonderful book describing all the cognitive biases and mistakes we humans are likely to make. Even when we know them it is difficult to avoid tripping over them often. This book does a great job of identifying them and providing evidence based studies of such cognitive biases. It is a great tool for any investor to understand the mistakes your gut will try to make you commit. I think any serious investor needs to know about this topic and understand how their own biases work and try to formulate strategies to avoid these investor pitfalls.

    This was a good purchase and I wish I had bought it sooner. I will put it in my annual re-read list to keep it always fresh and top of mind.
    7 people found this helpful
    Report
  • Reviewed in the United States on April 14, 2016
    Outstanding little book. I'm in the investment business and have appreciated more the psychology of the investor versus the pursuit of total return performance. I will provide a short corollary. A few weeks ago I had a prospective client visit my office for an interview. She and her husband were looking for a new advisor. My standard approach is to bring a blank writing tablet to these types of meetings and take a lot of notes. One thing I always want to know is the history of a person's experience with investing. The question rocked the lady to tears. Turns out her father had lost all the family money to an unscrupulous advisor and poor investments. Psychology, folks, is definitely a factor in developing a comprehensive investment strategy. As Will Rogers once said: It's not the return on my principal, but of my principal that matters. Read this book and learn.
    9 people found this helpful
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  • Reviewed in the United States on March 2, 2010
    The markets and economy these last few years have been and continue to be difficult to navigate through. It's hard for me to automatically default to being an intermediate or long term buy and hold type investor with lots of the long existing risks being pushed down the road and new risks being introduced via various fiscal and monetary measures taken in the last few years. Like the proverbial general fighting the last war, I don't want to just rely on familiar ways of investing The financial markets and the economy are separate animals so there are opportunities and i want to take advantage of them. The book is about recognizing and then overcoming behavioral biases that most of us have ( I certainly do) and then taking control over what we can control which is ourselves and not the markets. I particularly found beneficial the chapters on having a game plan in place when it can be created during a non-emotional time, and pre-committing to the strategy. This book can be very helpful in showing an investor how to better understand these behavioral flaws that may be preventing them from being better investors, perhaps better than many professionals. The book is very easy to read, enjoyable and makes sense, and has lots of short helpful and verifying anecdotes from successful investors such as Buffett, Soros, Klarman, Berkowitz etc,. I think this book can make me a more successful investor.
    24 people found this helpful
    Report
  • Reviewed in the United States on October 23, 2020
    If you are at all intrigued by biases and how that affects our decision making, especially with regards to investing, you’ll enjoy this book. If you have done much study on biases, there won’t be much new in this book, but the application to investing makes it worth it in my opinion. Most of the chapters are relatively short, making it a nice read in a short gap. I found myself looking forward to reading this every chance I found.
    One person found this helpful
    Report
  • Reviewed in the United States on June 19, 2022
    Simply a very, very useful book which truly does hone in on the issues which cause investors to self-sabotage…and then offers suggestions as to how to do avoid such traps.
    One person found this helpful
    Report

Top reviews from other countries

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  • Eduardo Silva Raguenet
    5.0 out of 5 stars Bom Livro
    Reviewed in Brazil on February 11, 2023
    Livro Direto ao ponto
    Evidência alguns vieses e sugestões para melhorar o processo de investimento.
    Bom completo para value investors.
  • RS
    5.0 out of 5 stars Simple and interesting
    Reviewed in India on November 10, 2024
    Have read a lot on behavioural finance and investing incl. text books. This book stands out due to its simplicity. The facts here can be applied to your style of investing. One will find description of biases one is already victim to without knowing.
  • JohnE
    5.0 out of 5 stars Little Book with Big Explanations
    Reviewed in Canada on January 2, 2021
    Good things definitely come in small packages. This little book should appeal to novice, seasoned and professional investors. The latter two types of investors will definitely recognize the many examples of human behaviour affecting investing activity. A must read if you want a more rational and effective approach to your investing behaviour.
  • Nic
    5.0 out of 5 stars interessante teoria
    Reviewed in Italy on November 12, 2019
    da approfondire
  • Nigel Jones
    5.0 out of 5 stars The best book on investing I have read.
    Reviewed in the United Kingdom on April 30, 2018
    This book explains with detailed psychological experiments how people fool themselves when it comes to investment decisions. If you don't know about behavioral finance and believe you are immune from this stuff, this book is for you. It's thoughtful, well written and entertaining throughout. A classic.