Kickoff Sessions #52 Daniel Crosby – The Psychology of Money, Wealth & Investing
Dr. Daniel Crosby is a psychologist, behavioral finance expert and asset manager who applies his study of market psychology to everything from financial product design to security selection. He is the author of The Behavioral Investor, co-author of the New York Times bestseller Personal Benchmark: Integrating Behavioral Finance and Investment Management and Chief Behavioral Office at Orion Advisors Solutions.
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(00:00) Introduction
(02:54) My background and interest in the psychology of money
(03:50) The importance of financial literacy and wealth management
(05:58) Why are people so interested in money and building wealth?
(09:05) How much of our daily decisions are impacted by money?
(11:04) Making the wrong decisions by solely pursuing money
(13:50) The evolution of earning more money & the hedonic treadmill
(16:33) Lifestyle inflation of graduates & the Balenciaga effect
(19:33) Anticipation derives more happiness than the prize
(21:24) What are the psychological tendencies behind investing?
(22:53) The 4 behavioural biases of trading & investing
(28:42) Confirming your biases & validating your hypothesis
(30:07) Behavioural tendencies are a life long battle
(31:03) How much does greed & loneliness impact investment decisions?
(33:30) How important was the narrative of Reddit for GME & AMC?
(35:47) How do you mitigate against psychological tendencies?
(38:07) The three most important elements of investing education
(41:13) Time in the market versus timing the market
(42:22) How do you maintain consistency with investing?
(43:42) How does Daniel Crosby construct his portfolio?
(48:58) Outro
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