RT26: Overcoming behavioural biases ft. Daniel Crosby – 1of2

Top Traders Unplugged

Niels Kaastrup-Larsen

Business, Business News, Investing, News

4.8 • 670 Ratings

🗓️ 12 September 2019

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

On today’s episode, Niels Kaastrup-Larsen speaks with Dr. Daniel Crosby, Chief Behavior Officer of Brinker Capital, and the host of The Standard Deviation Podcast. Dr. Crosby came to investment management through clinical psychology and therefore has a unique perspective on behavioral economics. The discussion ranges from how human behavior is evolutionarily ill-equipped for investment management, the importance of having rules for investing during turbulent times, and what investors can do to modify their behavior for success.

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In This Episode, You’ll Learn:

What makes Daniel’s background rare in investment management
How the eradication of Guinea Worm is relevant to investing behavior
Why the evolution of human behavior is antithetical to investing
How being a quantitative investor is beneficial to overcoming bad behavioral economics
The correlation between activity and success in the markets
What are the building blocks of behavioral finance
Why “I don’t know” is the most under-appreciated phrase in investing
The role of conservatism in behavioral economics

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In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful.

Transcript

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0:00.0	Imagine spending an hour with the world's greatest traders. Imagine learning from their experiences,
0:07.7	their successes, and their failures. Imagine no more. Welcome to Top Traders Roundtable,
0:14.0	the place where you can learn from the best hedge fund managers and investors in the world,
0:18.8	so you can take your manager due diligence or investment career
0:22.0	to the next level. Before we begin today's conversation, remember to keep two things in mind.
0:27.2	All the discussion that will have about investment performance is about the past, and past
0:31.4	performance does not guarantee or even infer anything about future performance. Also understand
0:36.6	that there's a significant risk of
0:38.2	financial loss with all investment strategies, and you need to request and understand the specific
0:43.2	risks from the investment manager about their products before you make investment decisions.
0:48.3	Now here's your host, veteran hedge fund manager, Nealz Kostrup Larson.
0:56.2	Welcome back to another edition of Top Traders Roundtable, a podcast series on Manist Futures.
1:01.8	My name is Niels Kastrop Larson.
1:03.6	I'm delighted to welcome you to today's conversation with industry leaders and pioneers
1:07.9	and Manish Futures brought to you by the world's leading futures exchange
1:11.8	CME group today I'm thrilled to be joined by dr. Daniel crosby who is the chief behavioral officer
1:18.3	at brinker capital as well as the author to a number of highly recommended books including the book
1:23.8	titled the behavioral investor and the host of the Standard Deviation
1:28.9	podcast. First of all, Daniel, welcome and thank you very much for getting up early to join me
1:34.0	for an exploration of the fascinating aspects of investing through the eye of behavioral finance.
1:40.7	My pleasure, and I've been up for a couple of hours, so we're good to go.
1:46.2	Great stuff. Now, before we jump into today's topics, I think it's always useful to frame our
	...

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