Practical analysis for investment professionals

Behavioral Finance


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?

How to Read Financial News: Home Country, Confirmation, and Racial Bias

We all have biases and blind spots, and it helps to listen to people who see things differently.

Why You Should Be a Goals-Based Investor

What if our traditional models of choice are not measuring people’s true objectives?

Green Shock? Stock Market Overreactions to Bad ESG News

Does investor overreaction to ESG controversies create the opportunity for abnormal returns?

Annie Duke and Morgan Housel: Three Tools for Navigating Risk and Uncertainty

"The best way that you can be a decision maker in this type of environment is not to demand certainty."

The Half-Life of Financial Knowledge: Glorification of Change vs. Innovative Specialization

What is the half-life of financial knowledge and how can professional investors win the race against it?