Bullshift

How Optimism Bias Threatens Your Finances

John J. De Goey (Autor)

Buch | Softcover

224 Seiten

2023
Dundurn Group Ltd (Verlag)
978-1-4597-5090-6 (ISBN)

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Does your financial advisor tell you that markets recover in the long run? Do they tell you not to worry? You need to heed that uneasy feeling of yours. As De Goey makes clear, advisors, like all of us, suffer from unconscious bias, but their sunny outlook is also the product of industry-wide groupthink.

People are unwittingly taking risks with their investments by entrusting them to advisers who are biased but don’t know it.

Does your financial adviser tell you to hold on and never sell? That markets recover in the long run? Does your adviser seem to always have an optimistic disposition? Do they tell you not to worry, no matter what is going on in the outside world?

In Bullshift, John J. De Goey explores the hidden relationship between bias and financial markets. He makes clear that investors and financial advisers are not the rational decision makers that economic theory assumes them to be, and that “tried and true” investment advice is not always sound. De Goey shows that advisers are immersed in a culture of Bullshift — they simply don’t realize how their positive outlook on markets is based on industry-wide groupthink.

Unfortunately, this problem affects much more than just your own investment portfolio. After three years of an international pandemic, the full economic impact of the response to it still hasn’t been felt. There’s more pain coming, but the financial industry’s eternal optimism, abetted by government policies designed to consistently encourage growth and avoid tough choices, is walking us toward a cliff for the global economy.

De Goey helps readers understand the subtle but profound challenges of industry bias, with optimism bias as a particularly vexing issue. The next downturn may be deeper than anything you or your adviser has ever experienced. True optimism comes from a shift to unbiased realism.

John J. De Goey is an author, senior investment advisor, and portfolio manager at Wellington-Altus Private Wealth. With over twenty-five years of industry experience, he is a sought-after commentator, a frequent BNN guest, and a recognized industry thought leader. He lives in Toronto.

Introduction
Part I: The Interplay Between Behavioural Economics, Financial Advisers, and Retail Investors
1 Understanding Advisers and the Industry
2 Behavioural Economics and Human Biases
3 The Role of Advisers
4 What Needs to Change?
5 Groupthink Among Advisers
Part II: Applying What We Know to How the World Operates … and How It Ought To
6 Misguided and Human
7 Case Study on the Coronavirus
8 Case Studies in Financial Planning
9 How the Government Entrenches Bullshift
10 Guarding Against Bullshift
Afterword: What Can Be Done About Bullshift?
Acknowledgements
Bibliography
Index
About the Author

Erscheinungsdatum	16.01.2023
Zusatzinfo	Bibliography; Index; 3 Figures; 10 Illustrations, black and white
Verlagsort	Toronto
Sprache	englisch
Maße	152 x 229 mm
Gewicht	340 g
Themenwelt	Sachbuch/Ratgeber ► Beruf / Finanzen / Recht / Wirtschaft ► Geld / Bank / Börse
	Wirtschaft ► Betriebswirtschaft / Management ► Finanzierung
	Wirtschaft ► Betriebswirtschaft / Management ► Rechnungswesen / Bilanzen
ISBN-10	1-4597-5090-X / 145975090X
ISBN-13	978-1-4597-5090-6 / 9781459750906
Zustand	Neuware