Ep21. Behavioral Finance 投资心理

Burton Markiel in his book “A Random Walk Down Wall Street” explained some of the typical irrational behaviors of individual investors. I found his explanation on behavioral finance is very useful, you should pay attention to these behaviors so they don’t rule your head and ruin your investment.


Researches show people tend to be overconfident about their beliefs and abilities, and over-optimistic about the assessment of the future. In one experiment, they asked a group of people about their competence in driving skills to average drivers. Answers to this question showed a majority of participants think they drive better than average. This tendency is particularly strong among investors. Most investors overestimate their knowledge and underestimate the risks involved. They think they are better than average. If you think like this too, please think again.

Biased Judgment 

A lot of investors think they can see trends or spot a stock-price pattern. Most of the time stock price movement is random and does not have specific trends or patterns. Be careful when you are attempting to make certain predictions.


In one study, the researcher put a single person on a street corner looking up at the sky for one minute. They observed only a few pedestrians on the street stopped to see what their person was looking at. Then they put five people to look at the sky together, this time four more times of pedestrians stopped. In the end, they put fifteen people to look at the sky, and almost half of the pedestrians stopped. People tend to follow the crowds, and investors do the same and chase popular ‘hot stock’ (e.g.Tesla).

Loss Aversion 

Loss aversion refers to the behavior in that people make decisions to avoid loss, under the influence that losses are far more undesired than equivalent gains are desired. For example, if you earn $100 and you might feel pretty happy for a day; but if you lose $100 and you will feel much worse for an extended period. Be aware of this when you are making a certain investment decision.

Pride and Regret

The emotion of pride and regret also influence investor behavior. Investors usually find it very difficult for them to admit they made a mistake. So they might hold on to a losing position and hope it will eventually recover. If they sold at a loss, they would feel painful regrets. This a lot of times causes the investors to make irrational decisions.

伯顿·马基尔 (Burton Markiel) 在他的《华尔街漫游》一书中解释了个人投资者的一些典型的非理性行为。我发现这个关于投资心理的介绍非常有用,您应该注意这些行为,以免它们控制您的头脑并影响您的投资行为。








对于损失的厌恶是指人们对损失带来的痛苦比收益带来的快乐大的多,常常为避免损失而做出决定的行为。例如,如果你赚了100 美元,你可能会很高兴一天; 但是如果你损失了 100 美元,你会在很长一段时间内感觉更糟。 当您做出某些投资决定时,请注意这一点。




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