2O2O Money: See the Markets Clearly and Invest Better Than
the Pros
To be a more successful investor, you need to see the investment
landscape more clearly. 2020 Money—from Fisher Investments
Press—can help you achieve this goal.
Designed to help you think differently about your investing
choices, this reliable resource addresses new ideas and challenges
widely held conventions. With 2020 Money as your guide, you''ll
quickly learn how gaining a firm understanding of various
concepts—from stock market and systems theory to neuroscience and
psychology—can help you begin making better investment decisions.
Along the way, you''ll also discover some of the most successful
strategies for thinking and learning, and how they can be applied
to your investing endeavors.
To become a better investor, you have to have the discipline to
make tough choices—choices that may not always be in line with
tradition or commonly accepted invested wisdom. But the approach
outlined throughout these pages can help you gain the vision to
begin making better-informed investment decisions.
From the Inside Flap
A majority of investors—both experienced professionals and
aspiring individuals—are blinded by conventional investing ideas
that just don''t work. The fact is that many of us end up making
costly mistakes because we don''t understand the basic ways markets
work.
What you need to succeed is a new investing lens, one that allows
you to see things in a different way than most—one that helps you
think differently. That''s why Michael Hanson, a senior editor and
columnist for Fisher Investments'' MarketMinder.com, has written
2020 Money.
While understanding economic fundamentals and analyzing data are
important aspects of investing, without a clear vision and
well-developed philosophy to help drive decisions, you can fall
short of achieving your investing goals.
Through an interdisciplinary discussion ranging from stock market
theory, mathematics, and history to systems theory, psychology, and
science, 2020 Money—the latest title from Fisher Investments
Press—ventures outside the narrow realm of investing to help you
gain the focus needed to help you in your efforts to protect your
portfolio and produce superior long-term returns in even the most
difficult market conditions. Page by page, you''ll discover how
to:
Use current research in neuroscience and behavioral psychology to
understand how your perceptions and natural emotions are often
contradictory to your best financial interests
Apply the power of self-awareness and self-observation to build
discipline and avoid common investing pitfalls
Navigate the media and gauge investor sentiment—not only to get
the information you need, but also to ignore distracting
noise
Analyze the stock market and economy as a complex, emergent,
adaptive system CEAS
Forecast stock markets in terms of probability and use pattern
recognition
Create a framework—or set of heuristics—for managing your own
portfolio
Recognize risk in its many forms and overcome obstacles during
turbulent times
Along the way, you''ll also discover some of the most successful
strategies for thinking and learning, and how they can be applied
to better investing.
If you intend on making money in the markets, having 2020
investing vision can help. Filled with in-depth insights and
practical advice, 2020 Money puts this discipline in perspective
and shows you how making the right choices can make all the
difference in today''s dynamic market environment.
關於作者：
Michael J. Hanson has been an investment banker as well as a
stock analyst and is currently a senior editor and recurring
columnist at Fisher Investments'' MarketMinder.com. He has lectured
on topics in money management at the Haas School of Business at the
University of California, Berkeley, and speaks regularly throughout
the country on a variety of topics, including capital markets and
behavioral finance.
目錄：
Acknowledgments.
Introduction.
Chapter 1 Investing is a Science.
Apollo''s Arrow Shot Crooked.
Dionysus—More Than Just a Good Vintner.
Use the Method, Not the Dogma.
Careful with Categories.
Could Math be Wrong?
Reduction: Why You Can''t Quantify Everything.
Chapter 2 Investing is a Discipline.
Discipline, Discipline, Discipline.
Sagacity: Seeing Isn''t Believing.
Understanding and Being Curious.
Chapter 3 Human Behavior.
Brain Basics.
Brains on the Market.
My, What a Terrible Memory You Have!
Bad Behavioral Finance.
Behavioral Miscellany.
Chapter 4 Sentiment and the Media.
Sentiment Basics.
News and the Media.
What''s Their Motive?
Tips and Tricks to Navigate the Media.
Metaphors We Invest By.
Chapter 5 How Stock Markets Really Work.
Capitalism by Any Other Name.
It''s Complicated…A Crash Course in CEAS.
The New Golden Rule.
Oldest and Still the Best: Supply and Demand.
Chapter 6 Forecasting, Part 1—The Principle of
Probability.
Forecasting Is Strange Alchemy.
Types of Predictions.
Probability Theory, or How Markets Are Nothing Like Coin
Tosses.
The Biggest Problem of Them All.
Investing Lessons from Probability.
Looking Ahead…
Chapter 7 Forecasting, Part 2 —Recognizing Patterns.
A Pattern by Any Other Name.
Stock Market Patterns.
Patterns through the Noise.
It''s a Game of Relative Expectations.
Back to the Future: Using History to Find Patterns.
Three Big Drivers.
An Optimistic Note on Future Patterns.
Chapter 8 Practical Portfolio Management.
The Virtues of Heuristics.
Goal Setting.
Personal Goals.
Portfolio Goals.
The Top-Down Philosophy.
Miscellaneous Heuristics.
Chapter 9 The Nature of Risk and Navigating Markets in
Troubled Times.
Risk and Uncertainty.
Financial Risk, or What Happens When You Assume.
In Troubled Times.
Parting Thoughts.
Notes.
Selected Bibliography and Further Reading.
About the Author.
Index.
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