The Laws of Wealth Psychology and the Secret to Investing Success
The Laws of Wealth: Psychology and the Secret to Investing Success by Doctor Daniel Crosby, published by Harriman House on March 30, 2021, is a comprehensive guide that explores the intersection of psychology and investing. This edition, comprising 264 pages, presents actionable rules designed to help investors navigate the complexities of behavioral finance. Crosby outlines ten essential rules for effective investor behavior and introduces the Four Cs of Rule-Based Investing, which aim to mitigate behavioral risks.
Readers will find practical insights into equity investing through the Five Ps framework, which emphasizes critical factors such as Price and People. The book is enriched with anecdotes, research, and graphics that enhance understanding, along with ‘What now?’ summaries at the end of each chapter that provide clear guidance for applying the concepts discussed. Covering topics like personal finance and behaviorism, this work serves as a resource for those looking to improve their investment strategies by understanding the psychological elements at play.
Official synopsis Publisher
From New York Times and USA Today bestselling author, Dr. Daniel Crosby—the behavioral finance book all investors have been waiting for.
In The Laws of Wealth, psychologist and behavioral finance expert Daniel Crosby presents three sets of real, actionable rules that investors can use to apply the lessons of behavioral finance.
He begins with ten rules that are the hallmarks of good investor behavior, including ‘Forecasting is for Weathermen,’ ‘If You’re Excited, It’s Probably a Bad Idea,’ and ‘Trouble is Opportunity.’
From here, attention turns to the Four Cs of Rule-Based Investing: Consistency, Clarity, Courageousness, Conviction. The Four Cs provide practical methods to combat behavioral risk in investing.
And finally, he introduces the Five Ps of successful equity investing: Price, Properties, Pitfalls, People, Push. Investors can draw on these five methods to select stocks and take advantage of behavioral opportunities in the stock market.
Throughout, anecdotes, research, and graphics 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 to think, ask, and do next to become a better investor.
If you are wondering what years of behavioral finance has delivered for real investors, you should follow the laws of wealth to manage your behavior and improve your investing!
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