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The Laws of Wealth: Psychology and the secret to investing success

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Daniel Crosby

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“[The] more confidence an expert had, the worse his predictions tended to be and that the more famous an expert was, the worse her predictions were on average. Only in Wall Street Bizarro World would we expect confident experts to be stupid and famous thought leaders to be deserving of infamy.”

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Book:The Laws of Wealth: Psychology and the secret to investing success
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“The lessons for behavioral investors are unavoidable: you must automate your process wherever possible and avoid bias in the selection of people and processes. To do otherwise is to believe that professional money managers are actually above the fray of human bias, when the evidence shows us otherwise.”

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Book:The Laws of Wealth: Psychology and the secret to investing success
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“Let me say with all forthrightness that the [Rule-Based Behavioral Investing] model is not perfect and that some years following its principles won’t even beat a passive market cap weighted index. But what it does do is tilt the odds in your favor by consistently exploiting the psychological failings of your opponents in the market.”

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Book:The Laws of Wealth: Psychology and the secret to investing success
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“The behavioral investor understands and seeks to mimic the best parts of passive investing - low turnover, rock bottom fees and appropriate diversification - without succumbing to absentminded buying and selling.”

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Book:The Behavioral Investor: How psychology shapes wealth, risk, and investment decisions
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“This book could have easily been three words long: automate, automate, automate. It likely wouldn't have sold well, and you might have ignored the advice on account of it seeming too simple, but the fact is that many of the thornier elements of emotion can be done away with entirely by slavishly following a system of investment rules in all types of market weather.”

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Book:The Behavioral Investor: How psychology shapes wealth, risk, and investment decisions
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“Being a behavioral investor is less about adhering to some textbook notion of rationality and more about understanding and bending the idiosyncrasies of human nature to our advantage.”

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Book:The Behavioral Investor: How psychology shapes wealth, risk, and investment decisions
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