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The Laws of Wealth

Psychology and the secret to investing success

By Daniel Crosby
Cover of The Laws of Wealth (Hardback) by Daniel Crosby Cover of The Laws of Wealth (Ebook - phone) by Daniel Crosby Cover of The Laws of Wealth (Ebook - tablet) by Daniel Crosby

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About the Author

Daniel Crosby

Dr. Daniel Crosby is a psychologist and behavioral finance expert who helps organizations understand the intersection of mind and markets. Dr. Crosby’s first book, Personal Benchmark: Integrating Behavioral Finance and Investment Management, was a New York Times bestseller. His second book, The Laws of Wealth, was named the best investment book of 2017 by the Axiom Business Book Awards and has ... Read more on Daniel Crosby

Contents Listing

Preface or: How I Learned to Stop Worrying and Read this Book
Introduction: Of Worms & Wealth

Part One. The Rules of Behavioral Self-Management
Paradox of Primates & Formalwear
Rule #1. You Control What Matters Most
Rule #2. You Cannot Do This Alone
Rule #3. Trouble Is Opportunity
Rule #4. If You're Excited, It's A Bad Idea
Rule #5. You Are Not Special
Rule #6. Your Life Is The Best Benchmark
Rule #7. Forecasting Is For Weathermen
Rule #8. Excess Is Never Permanent
Rule #9. Diversification Means Always Having To Say You're Sorry
Rule #10. Risk Is Not A Squiggly Line
Applying the Rules of Behavioral Self-Management

Part Two. Behavioral Asset Management
The State of Money Management
Managing Behavioral Risk
The Four Cs of Rule-Based Behavioral Investing
The Five Ps of Equity Investing

Epilogue. Behavioral Investing in a World Gone Mad

Preface or: How I Learned to Stop Worrying and Read this Book
Introduction: Of Worms & Wealth

Part One. The Rules of Behavioral Self-Management
Paradox of Primates & Formalwear
Rule #1. You Control What Matters Most
Rule #2. You Cannot Do This Alone
Rule #3. Trouble Is Opportunity
Rule #4. If You're Excited, It's A Bad Idea
Rule #5. You Are Not Special
Rule #6. Your Li ...

Jacket Text


From New York Times and USA Today bestselling author, Dr Daniel Crosby, comes the behavioral finance book all investors have been waiting for.

In The Laws of Wealth, psychologist and behavioral finance expert Daniel Crosby offers an accessible and applied take on a discipline that has long tended toward theory at the expense of the practical. Readers are treated to real, actionable guidance as the promise of behavioral finance is realised and practical applications for everyday investors are delivered.

Crosby presents a framework of timeless principles for managing your behavior and your investing process. He begins by outlining ten rules that are the hallmarks of good investor behavior, including 'Forecasting is for Weathermen' and 'If You're Excited, It's Probably a Bad Idea'. He then goes on to introduce a unique new taxonomy of behavioral investment risk that will enable investors and academics alike to understand behavioral risk in a newly coherent and complete way.

From here, attention turns to the four ways in which behavioral risk can be combatted and the five equity selection methods investors should harness to take advantage of behaviorally-induced opportunities in the stock market. Throughout, readers are treated to anecdotes, research and graphics that illustrate the lessons in memorable ways. And in highly valuable 'What now?' summaries at the end of each chapter, Crosby provides clear, concise direction on what investors should think, ask and do to benefit from the behavioral research.

Dr. Crosby's training as a clinical psychologist and work as an asset manager provide a unique vantage and result in a book that breaks new ground in behavioral finance. You need to follow the laws of wealth to manage your behavior and improve your investing process!

Professional Reviews

I think The Laws of Wealth should be read by all those new to investing. Jim O'Shaughnessy

First Book Investors Need to Read to Be Successful...One of the useful features of this book is the “What’s new” summary sections at the end of each chapter. Les Masonson, author Buy - Don't Hold and ETF Columnist for Technical Analysis of Stocks & Commodities Magazine

The financial services industry is broken and has for too long ignored the human factor. Savvy investors and advisors understand that emotions, decisions and behavior are at least as important as big returns and Dr. Daniel Crosby explains just that in The Laws of Wealth David Geller, CEO, GV Financial

Using lively and engaging real-life examples Dr. Crosby gives insights into innate human behavior and its role within the financial markets. In this entertaining book he provides brilliant invaluable practical framework for investors, financial professionals and anyone in search of true wealth. Dr. Svetlana Gherzi, Behavioral Finance Specialist, UBS

Individual investors are often their own worst enemies, whether they re selling when they should be buying, focusing on their stocks day-to-day swings or letting the media drive them into a panicked emotional state. In Dr. Daniel Crosby s newest book, he breaks down how to implement a set of easy-to-follow rules to keep investors on track. Don't let your mind ruin your investing outcomes. Read his book and arm yourself against yourself today. LouAnn Lofton, The Motley Fool

Drawing the connection that what makes us interesting as humans can make us unsuccessful at managing our money in times of turbulence, Dr. Crosby provides a safe haven with his framework for success. This book is not only informative but enjoyable, as he gently exposes how human behavior impacts our decision making. Noreen D. Beaman, CEO of Brinker Capital, Inc

Step away from CNBC and into financial therapy! People often think that buy low, sell high is the first (and only) rule of investing. This deceptively simple phrase motivates most, if not all investors, and yet many investors fail to successfully follow this simple mantra. In The Laws of Wealth, Daniel Crosby explains why we struggle with deceptively simple investment decisions, suggesting that first rule of profitable investing is to get out of your own way. Meredith A. Jones, Author, Women of The Street: Why Female Money Managers Generate Higher Returns (And How You Can Too)

When I'm looking for sharp, against-the-grain insights on how we can and should make better investing decisions, I always turn to Daniel Crosby. If he s publishing, blogging, or Tweeting, I want to know about it. It also doesn't hurt that he's often hilarious in taking our built-in foibles and creating the potential for ending up in a much better place than we would otherwise. This book is yet another fantastic contribution to the practice of sound (and sane) investing. Dr. Brian Portnoy, Head of Investor Education at Virtus Investment Partners

Dr. Daniel Crosby is one of the preeminent behavioral psychologists in investing today, and it shows with this tour de force of how an investor can manage their wealth. With these few simple rules, investors can easily build a framework allowing them to thrive, even when their human instincts try to sabotage their investing. Get this book! Aaron Klein, CEO at Riskalyze

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Media Coverage

Master Investor

Behavioural finance, in my view, is one of the most interesting and thought provoking areas of economics. Instead of focussing on the ways humans, or "Homo economicus", should behave in relation to ...

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Investing by the Books

This is something as unusual as a practical book on behavioral finance. Where the discipline for too long has focused on disproving the so-called Modern Portfolio Theory and listing psychological ...

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Sixpence Media

What do you get when you combine a clinical psychologist with an asset manager? You get, Doctor Daniel Crosby, and the fascinating world of behavioural finance.

We’ve all probably poured over ...

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Financial Services Marketing

I had the privilege of meeting New York Times bestselling author Dr. Daniel Crosby at FinCon in 2014. During his keynote address at the conference, he spoke about the intersection of finance and ...

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Warren Buffett’s mentor Benjamin Graham famously said, “The investor’s chief problem — and even his worst enemy — is likely to be himself.”

Graham sure knew his subject. Consider: The ...

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Journal of Financial Planning: Practice Management Blog

Law #2 – You Cannot Do This Alone

In an era of seven-dollar trades and fee compression, some have been quick to dismiss the traditional advisory relationship as a relic of a bygone era. Years ...

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How to eat and not get eaten

Bear markets are tough on everyone. Even the best traders can lose the plot. Trying to run the winners might stop working – because there are no winners.

When ...

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Quake Books

It is with great pleasure that we, at QUAKE Books, invite Daniel Crosby, a psychologist, behavioural finance expert and author of The Laws of Wealth to our headquarters to talk wealth, its laws and ...

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Shares Magazine

Only nine stocks in the FTSE 350 haven't bounced back after Brexit vote shock

Do you have the confidence to buy shares when there is a sudden drop in the broader stock market? Judging by the size ...

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This doesn’t look like it’s going to be a particularly interesting book. But it is in fact interesting and entertaining, and deals with some of my favourite investing subjects with such ...

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The AAII Journal

At a time when our political landscape is as divisive and contentious as it has ever been, it should come as no surprise that the active versus passive debate in investment circles mirrors the ...

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Michael welcomes Daniel Crosby, author of “The Laws of Wealth: Psychology and the Secret to Investing Success.” His background is in behavioral psychology and he sees the markets as a great ...

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Axiom Business Book Awards

ATLANTA – Axiom has announced the winners and finalists of THE 2017 BUSINESS BOOK AWARDS on February 15, 2017. Winners were announced in each of 22 business categories with The Laws of Wealth: ...

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Dr. Daniel Crosby joins us today to discuss his latest book, The Laws of Wealth, where he explains how human psychology presents the both the biggest obstacle to investment success and the greatest ...

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Just Means

The Behavioral Benefits of Values-based Investing

New article and Video by Dr. Daniel Crosby, President of Nocturne Capital and the New York Times bestselling author of The Laws of Wealth.

I am ...

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Seeking Alpha

Investing is full of potential obstacles. Most investors think that if they could just figure out what happens next, they can easily avoid the future obstacles in their path. But few investors ever ...

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The Key Point

Psychologist Daniel Crosby works in the field of behavioral finance. “Given that you, as a member of the human family, have tendencies toward impatience, arrogance and a fetish for complexity, it ...

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Value Walk

An interview with Dr. Daniel Crosby On Behavioral Finance: The Laws of Wealth

Which behavior or behavioral trait do you think is the most damaging for investors and their returns?

One of the ...

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Successful Farming

Daniel Crosby, founder of Nocturne Capital and author of a new book, The Laws of Wealth, points out that the familiar can be a danger when you’re aiming to diversify.

“Our familiarity with ...

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Dr. Daniel Crosby is a well-known author and speaker on Behavioral Finance and brings the scientific perspectives, research, and insights on the topic.

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Investment News

Despite the enormous wealth creating power of the market, looking at it too closely can be terrifying. In the latest episode of "On Your Best Behavior," Daniel Crosby looks at the immortal words of ...

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Market Watch

Simple choices — putting money aside for retirement, increasing contributions once a year, holding tight during market volatility — are what drives investors to success, said Daniel Crosby, ...

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The Resilient Advisor

Dr. Daniel Crosby is one of the industry's top thought leaders on Behavioral Finance. He authored the New York Times bestseller 'The Laws of Wealth' and is the host of the popular Standard Deviations ...

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Money Marketing

Myth 3 – A client’s investment portfolio should meet or beat a relevant investment index or benchmark

The only benchmark that matters is meeting one’s personal financial life goals and to do ...

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