The Phantoms of Investment Management
from Boston Security Analysts Society
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Wednesday, October 1, 2008, 12:15pm - 2:00pm
Speaker: Arnold S. Wood, President and Chief Executive Officer Martingale Asset Management
Most of the decisions we make are masked by beliefs, habits and preferences that have built up over a lifetime. Some decisions rely on conscious processing of factors we permit into the decision. Other decisions are purely unconscious, so-called Affect. When the mask comes off, most decisions are not all that good, frequently underperforming some investment bogey either self-imposed or client ordained.
The question becomes "Why do we underperform so predictably and what, if anything, can we do better?" In search of answers, Mr. Wood will look to Behavioral Finance still a mysterious area, still in doubt by equilibrium theorists, but still the focus of hope to investigate what is central to investor misjudgments.
Quickly: If a bat and a ball cost $1.10 and the bat costs $1.00 more than the ball, how much does the ball cost? (Source: D. Kahneman, Nobel Economics Prize, 2002)
A leader in the investment management profession for over two decades, Mr. Wood is well known for his pioneering educational work, particularly in behavioral finance and investment practices.
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