Mean Markets and Lizard Brains [Hardback]
How to Profit from the New Science of Irrationalityby Terry Burnham
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Description of Mean Markets and Lizard BrainsPraise for Mean Markets and Lizard Brains "A thought–provoking read that gives insight to human behavior and your investment strategies." —Isiah Thomas, President, Basketball Operations, New York Knicks "Mean Markets and Lizard Brains translates neuroeconomics and cutting–edge theories of human behavior into practical advice. While the causes of costly decisions often lie outside our conscious awareness, they need not remain a mystery. The writing is provocative and insightful." —Professor Vernon L. Smith, Nobel Prize winner in Economics "A lively and entertaining account of the emerging field of neuroeconomics, where Fear and Greed meet Nature red in tooth and claw, with some surprisingly practical implications for individual investors, portfolio managers, and other market prognosticators." —Andrew W. Lo, Harris & Harris Group Professor, MIT Sloan School of Management, and director of MIT′s Laboratory for Financial Engineering "Mean Markets and Lizard Brains is a whole new way of approaching the world of finance. It explains why we should question the financial advice of our friends, colleagues, and advisors. For years, my wife and I have relied upon Terry′s financial advice. We are glad that this excellent book makes his discoveries available to everyone." —Mark–Paul Gosselaar, actor, NYPD Blue "Should be required reading for anyone trying to understand financial markets. It is the first book positioned at the intersection of finance, biology, and psychology —but it does not require knowledge of any of these fields. The author, one of the pioneers in the field of economics grounded in biology, combines accessibility with rigor. Reading it (along with everything Burnham writes) is a delight." —Nassim Nicholas Taleb, author of Fooled by Randomness
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About Terry BurnhamTERRY BURNHAM is a leader in the application of biology to economics and finance. He was an economics professor at Harvard for many years, beginning at the Kennedy School and, most recently, at the Harvard Business School. His biological research has taken him to Africa to observe wild chimpanzees and to the laboratory to study the role of testosterone in negotiation. He is coauthor of the international bestseller Mean Genes. Before joining the Harvard faculty, he worked at Goldman Sachs & Co. and was the president and CFO of the successful start–up biotechnology firm, Progenics Pharmaceuticals, whose work in AIDS and cancer treatment has been widely praised. Dr. Burnham has a PhD in business economics from Harvard University, a master′s in finance from MIT, an MS in computer science from San Diego State University, and a BS in biophysics from the University of Michigan. He served with distinction as a tank driver in the U.S. Marine Corps.
Contents of Mean Markets and Lizard BrainsPreface.
1. Introduction: Mean Markets and Lizard Brains.
SECTION I: THE NEW SCIENCE OF IRRATIONALITY.
2. Crazy People: Lizard Brains and the New Science of Irrationality.
3. Crazy World: Mean Markets and the New Science of Irrationality.
SECTION II: THE OLD ART OF MACROECONOMICS.
4. U.S. Economic Snapshot: America the Talented Debtor.
5. Inflation: Rising Prices and Shrinking Dollars.
6. Deficits and Dollars: Uncle Sam the International Beggar.
SECTION III: APPLYING SCIENCE AND ART TO BONDS, STOCKS, AND REAL ESTATE.
7. Bonds: Are they only for Wimps?
8. Stocks: For the Long Run or for Losers?
9. Real Estate: Live in your home; make your money at work.
SECTION IV: PROFITING FROM THE NEW SCIENCE OF IRRATIONALITY.
10. Timeless Advice: How to Shackle the Lizard Brain.
11. Timely Advice: Investing in the Meanest of Markets.