How investors behave when exposed to real-world events is an emerging field of study. While not as data-centric or numeric as securities analysis, behaving "well" as an investor is important. This page summarizes some behavorial recommendations and pitfalls.
"One cannot help being amazed how much money investors repeatedly lost and how violent 19th century recessionary periods were. The most striking characteristic is that they were latecomers to an investment fad."
- Marc Faber, Tomorrow's Gold
"If you wait for the robins, spring will be over."
- Warren Buffett, in a NY Times editorial on October 16, 2008, urging Americans to buy near the bottom of the financial crash and resist social inclusion.
"Nowhere does history indulge in repetitions so often or so uniformly as in Wall St. When you read contemporary accounts of booms or panics, the one thing that strikes you most forcibly is how little either stock speculation or stock speculators today differ from yesterday. The game does not change and neither does human nature."
- Edwin Lefevre, in 1923 (Devil Take the Hindmost)
"The psychologies of speculation and gambling are almost indistinguishable: both are dangerously addictive habits which involve an appeal to fortune, are often accompanied by delusional behaviour and are dependent for success on the control of emotions."
- Edward Chancellor, Devil Take the Hindmost, page xi
"It's not fear and greed that drive the investment world: it's envy."
- Warren Buffett
"It's no wonder that, as brilliant research by the psychologist Paul Andreassen showed many years ago, people who receive frequent news updates on their investments earn lower returns than those who get no news. It's also no wonder that the media has ignored those findings."
- Jason Zweig, WSJ columnist.
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