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For investors, excitement is an enemyEconomists tend to assume that all investors are rational. But that's pure fiction. Here's why it matters. A few years ago, billionaire Warren Buffett advised investors to "be fearful when others are greedy and greedy when others are fearful." Or at least that's how he's often quoted. Here's what Buffett really said: "Investors should remember that excitement and expenses are their enemies. And if they insist on trying to time their participation in equities, they should try to be fearful when others are greedy and greedy only when others are fearful." It wasn't exactly an argument for letting emotions rule your investments.The truth, though, is that most of us let emotions drive our investment decisions much of the time. And we generally end up being greedy when everybody else gets greedy and fearful when there is panic on The Street. Maybe that's just how we're built. One of the most venerable ideas in conventional economics is that investors act rationally, balancing pros and cons to arrive at the best possible decisions based on the available facts. But that's not what we really do, according to researchers in the iconoclastic new field of behavioral economics, which focuses on how the mind-body connection shapes financial decisions. They say most investors are not only irrational but systematically irrational. That is, we make the same stupid mistakes over and over. This might sound at first like depressing news, if not exactly surprising. Irrational greed caused a lot of us to latch onto the dot-com euphoria in mid-1999. And irrational fear caused us to bail out once we were deep into the 4,000-point plunge in the Dow Jones Industrial Average. The ensuing sense of pain and revulsion about stocks left many of us sidelined in mid-2002. As a result, we also missed the Dow's 5,000-point climb back to the top.You can find the same dumb, self-defeating pattern -- from greed to panic to revulsion -- in every financial boom and bust through history, from the Japanese property and stock mania of the 1980s to Wall Street's Roaring '20s, or even going back to the South Sea Bubble of 1720 and the Dutch tulip-market madness of the 1630s. What's new is that we are beginning to recognize this pattern and understand how the quirky nature of the human mind shapes, or misshapes, our investing. And that shouldn't be depressing at all. In fact, this insight can help us avoid making the same mistakes next time. For instance, we are all susceptible to what behavioral economists call "framing" errors. Presented with the same basic economic proposition, we make markedly different choices depending on whether the deal gets framed in terms of loss or gain. That may sound obscure. But it's probably already cost you big
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反馈:coffee2008 2008-02-01#2 
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青龙白虎朱雀玄武 朱雀行三故曰朱三雀（或R3）一日冽冽寒风中偶遇枯枝下一只弱小麻雀嬉戏，为其乐观豁达所感开悟。遂拜其为师。正是：[SIZE=-1]富贵不淫贫贱乐，鸟儿到此是豪雄。[/SIZE]头像既是师尊之快照也。please,if you really thank me , speak a bit more words to me ,I 'd like to get more feelings for English in communication,点击展开...No problem.
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