Why Are We Slow to Adopt Behavioral Finance?

Why has it taken so long for behavioral finance to become as mainstream as it is today? Why didn't academia accept it at first? I think there's a couple of reasons. It lacks the uniformity and simplicity of some old-school econometric models.

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IN THIS EPISODE, YOU’LL LEARN:

02:42 - What behavioral finance is and why behavioral finance has a big impact on one’s success as an investor.
06:22 - Daniel’s most important money lessons and why investors need to get them right.
11:03 - Whether money can buy happiness or not.
23:44 - Daniel’s framework on whether you should pick individual stocks in your portfolio, or just invest in low-cost index funds.
27:26 - Why stock picking can be very difficult for individual investors.
And much, much more!

*Disclaimer: Slight timestamp discrepancies may occur due to podcast platform differences.

BOOKS AND RESOURCES

Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Kyle and the other community members.
Daniel Crosby’s podcast Standard Deviations.
Daniel Crosby’s book The Laws of Wealth.
Daniel Crosby’s book Behavioral Investor.
Daniel Crosby’s book You’re Not That Great.
Related Episode: Buffett Indicator Says Stock Market is Overvalued w/ Lance Roberts - MI230.

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