The Behavioural Investing Manifesto

Behavioural Investing Manifesto

Today’s post is about my first book – The Behavioural Investing Manifesto.

Behavioural Investing Manifesto

I finally got around to writing a book, just in time for Xmas.

My first degree was in Psychology, and regular readers will be aware that I think that it is a key part of successful investing.

  • It’s no use knowing what to do if you are psychologically unable to implement your plan.

The subtitle of the book – that you are your own worst enemy – comes from a famous quote by Ben Graham (usually  referred to as the father of value investing, and also Warren Buffett’s initial mentor):

The investor’s chief problem – and even his worst enemy – is likely to be himself.

So what the book covers has been known for many decades.

  • Which isn’t to say that not it’s just as relevant today.

This is not an e-book filled with original research.

  • Indeed, many of you will be familiar with some of the experiments referenced within it, and the conclusions that I draw from them.

This book is intended to summarise the key findings of behavioural psychology, and to turn them into useful lessons for a Private Investor in the UK today.

The point of the book – and of my blog – is to save you time and effort.

  • Together we can make this job a bit easier for us all.

There are five sections in the book:

  1. A potted history of why people are poorly suited to investment.
  2. The main biases that investors exhibit – arranged into groups in so far as this is possible.
  3. The key issues in investment which behavioural psychology can speak to.
  4. Practical steps that an investor can take to avoid being tripped up by their greatest enemy (themselves).
  5. Lists of the psychological experiments and observations of human behaviour that reveal the biases, of the biases themselves, and a final checklist of what to do about them – and what not to do.

I hope you that you read it and that you find it of some use.

Until next time.

Mike is the owner of 7 Circles, and a private investor living in London. He has been managing his own money for 40 years, with some success.

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The Behavioural Investing Manifesto

by Mike Rawson time to read: 1 min