Behaving Badly

From James Montier an excerpt from his “Behaving Badly”:

“None of us are immune to behavioural biases. Those who have attended my teach-ins on the subject have had a short test inflicted upon them. This note provides both a copy of the test (for you to try) and an analysis of the results from our sample of 300 fund managers. I will say no more to avoid influencing your answers. But my faith in behavioural finance is stronger than ever!”

Read full paper “Behaving badly” (PDF)

You might like my 2017 epic release: Trend Following: How to Make a Fortune in Bull, Bear and Black Swan Markets (Fifth Edition). Revised and extended with twice as much content.