Practical analysis for investment professionals

Behavioral Finance


10 Years of Behavioral Finance: Thaler, Kahneman, Statman, and Beyond

Since its launch in 2011, Enterprising Investor has showcased the scholarship of behavioral finance’s top luminaries as well as its critics.

The Future of AI and Big Data: Three Concepts

Andrew Lo and Ajay Agrawal explore how biases, regulations, and economics and wealth distribution will shape the future of fintech.

Quality Losses Matter More to Investors Than Quality Gains

How does the stock market collectively respond to quality losses versus quality gains?

Herd and Illusory Superiority Bias: Why Even Seasoned Investors Succumb

How do we check our investment decisions for signs of herd mentality, illusory superiority, or any other bias?

Strategic Asset Allocation or: How I Learned to Stop Worrying and Love the Dispersion

The old adage that allocation determines 90% of performance is rapidly becoming outdated.

Bernoulli’s Prisoner’s Dilemma: A Goals-Based Perspective

Can goals-based portfolio theory bridge normative and descriptive investment theories?

Active Success: Investing Lessons from Odysseus

With his patience and preparation, Odysseus would have made a great investor.

Morgan Housel on Greed and Fear, Frugality and Paranoia

“Investing is not the study of finance,” Morgan Housel says. “Investing is the study of how people behave with money.”

Human–Machine Collaboration and Model-Aware Investing

How can we leverage the fact that machine learning, alternative data, and AI are not only widespread, but increasing in influence?