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 determination concept 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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Behavioral Finance and choice 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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Extra resources for Behavioral Finance and Decision Theory in Investment Management
Among the characteristics we require of analysts is an explicit logic for ignoring reversion to the mean. We train analysts to find reasons companies making a lot of money cannot continue to make that much money. They also need to be skilled at listening to the turnaround plans of the corporate managers and judging when a plan makes sense. We train our analysts to be skeptical. This function is difficult because analysts want to add value; they want to believe the managers will fix the companies.
We followed that discipline with Kmart, but its earnings expectations stabilized and then resumed their deterioration. Now, they are stabilizing again, so now would be a better time to buy than a year ago. Now, you can go in and say it is cheap. Question: How important is diversification in this approach? Pzena: Diversification is an issue. When companies become cheap, a lot of their industry peers usually become cheap at the same time because the problems are not always company specific. Kmart's situation may be company specific, but the problems of banks, for example, are not; they are all facing the same issues.
The evidence is compelling that competition will arise. 38 Table 4. 00 23x Source: Sanford C. Bernstein & Co. 30 for 1996. 85. 75. 75 or higher for Kmart in 1997. 85 in 1996. 25 in 1997. 00. 00 for Microsoft. Which is the better investment? 25. That difference is the opportunity investors obtain in buying the Kmarts of the world. " The Kmart of 1990 is the Chrysler of yesteryear. Of course, now that Chrysler is the hottest car company in North America, people have trouble picturing it in the same league as Kmart, but as shown in Figure 4, Chrysler was probably in worse Figure 4.