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I have read numerous books on behavioural finance/economics over the last 2/3 years or so, some like Montior's 600+ page Behavioural Investing and Kahnman's 500+ page Thinking Fast & Slow really go into the detail whereas others fro Thaler and Shiller give a populous but still worth reading perspective. This book however goes further, it takes the psychology of personality types, mixes this with emotional biases and then throws in a good smattering of sensible investment theory to provide investment advisers with a "must follow" system for dealing with private client investors.
I think this is the book that pulls together 20/30 other books that I have read from the perspective of an investment adviser (or someone with an avid interest in the psychology of investment)into a easy to follow/comprehend set of sensible guidelines to follow when advising clients. if this does not lead you to read further about personality differences/heuristics and emotional biases and investor psychology you should not be advising clients professionally.
I have no idea if it will appeal to the layperson investor (because I have been dealing with investments professionally for over 20 years). However I did not find it hard or dry to read and in fact felt quite comfortable skimming large chunks of it without losing the essence, so for any individual with an interest in investing it should be a worthwhile (if expensive) and thought provoking read.
However I must reiterate for investment advisers or any financial planner worth his/her salt this is a must for your office shelf.
I am studying for CFA level 3. This author also writes the same subject for the CFA Curriculum. I wanted a book that would explain the topic in an easier way first, but from the same author. Four stars instead of five, because the author uses different terms, but then writes the same definitions, in this book. You have to notice the different terms used here, because the CFA exam only uses the terms in the CFA Curriculum.
So much of the content around Behavioral Finance and Neuro Economics is simply new information. Albeit valuable information it often leaves both the practitioner and the individual investor left without an answer to the question, "so what do i do?" Pompian combines his research and insights into our fundamental cognitive and emotional biases together with research and insights into fundamental personality types. By doing this he has created easy to use archetypes and provides concrete, practical action steps for advisors and individual investors to use in order to avoid making big mistakes.
The genuine value in this work is that Pompian provides a framework for how to treat biases in the asset allocation decision. Pompian's work truly aligns the higher purpose of the financial advice business. For the practitioner, the application of this work is really about improving the quality of the advice. The framework provides guidelines for how to answer these two central questions. First, when should and advisor attempt to moderate the way a client naturally behaves in order to counteract the effects of behavioral biases so that they can fit a predetermined asset allocation. ie. The recommended portfolio. Second, and alternatively to the first, when should advisors create asset allocations that adapt to clients' biases so that clients can comfortably abide by their asset allocation decision.
This is practical, usable and valuable. A must for anyone who professes to be a financial advisor.