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Masters in Business
At The Money: Humans Are Not Built For Investing
Aug 7, 2024
Dr. Daniel Crosby, Chief Behavioral Officer at Orion Advisor Solutions and author of "The Laws of Wealth," teams up with finance leader Barry Ritholtz to explore why humans struggle with investing. They discuss how emotional biases, such as overconfidence, cloud our judgment and emphasize the need for a systematic, rules-based approach to investing. The importance of professional guidance is highlighted, showcasing how financial advisors can mitigate these biases and enhance decision-making, especially in unpredictable markets.
15:33
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Quick takeaways
- A rules-based investing approach, supported by checklists, helps investors focus on controllable factors and enhances financial outcomes.
- Recognizing and managing cognitive biases through collaboration with financial advisors leads to improved decision-making and emotional well-being in investing.
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The Importance of a Rules-Based Approach
A rules-based approach to investing is critical for success in today's unpredictable market. Research shows that simple rules outperform expert discretionary decision-making 94% of the time across various contexts, from financial planning to medical diagnoses. Establishing checklists allows investors to focus on controllable factors, such as fees and diversification, rather than external uncertainties. By taking control of the aspects within their power, investors can improve their chances of reaching financial goals significantly.
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