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By Arnold S. Wood, Amos Tversky, Werner F.M. De Bondt, Meir Stateman, Leslie Shaw, Visit Amazon's Russell J. Fuller Page, search results, Learn about Author Central, Russell J. Fuller, , Richard S. Pzena, Visit Amazon's David N. Dreman Page, search results,

Behavioral Finance and selection idea in funding administration [Paperback] [Dec 01, 1995] Arnold S. wooden; Amos Tversky; Werner F.M. De Bondt; Meir Stateman; Leslie Shaw; Russell J. Fuller; Richard S. Pzena; David N. Dreman and Horace Woody Brock ... 187908757X

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Pzena: We did buy it a year ago. The biggest risk of this sort of investment approach is the timing risk; as the figures in this presentation indicate, three years or more pass, on average, before you see any improvement in one of these companies. A lot of pain can result from buying too early. We approach the decision by waiting on the sidelines while Wall Street analysts are cutting their earnings estimates. Once they stop falling, we buy the stock. We followed that discipline with Kmart, but its earnings expectations stabilized and then resumed their deterioration.

Simplicity, concentration, and economy of time and effort have been the distinguishing features of the great players' methods. In other words, think about consequences and spend your time and effort on thorough structuring of the problem. Concentrate on your defenses. The competi- • tion in making purchase decisions is too good, so concentrate on selling instead. In the widget machine task, the biggest losers are always those who do not concentrate well on when to shut the machine down, get out of the process.

It then describes the findings of a study on the returns of low- and high-predictability companies that suggest behavioral biases at work in some market anomalies and, therefore, in generating alphas. Behavior and Economic 1heory All economic theories rest on explicit assumptions about markets and on some behavioral assumptions, either explicit or implicit. One behavioral assumption is that people act in their own self-interest. This assumption is not always true, however. For example, suppose you are visiting Los Angeles and you go to a restaurant.

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