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The Laws of Wealth: Psychology and the secret to investing success Hardcover – June 27, 2016

by Doctor Daniel Crosby (Author), Morgan Housel (Introduction)

4.5 318 ratings

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GOLD MEDALLIST IN THE AXIOM BUSINESS BOOK AWARDS 2017

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!

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Editorial Reviews

Review

“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

“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

“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)

“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

“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

“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

“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

“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

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

Review

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

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

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

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

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)

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

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

Product details

Publisher ‏ : ‎ Harriman House; 1st edition (June 27, 2016)
Language ‏ : ‎ English
Hardcover ‏ : ‎ 286 pages
ISBN-10 ‏ : ‎ 0857195247
ISBN-13 ‏ : ‎ 978-0857195241
Item Weight ‏ : ‎ 1.1 pounds
Dimensions ‏ : ‎ 6 x 0.5 x 9 inches

Best Sellers Rank: #611,011 in Books (See Top 100 in Books)
- #897 in Stock Market Investing (Books)
- #1,608 in Introduction to Investing

Customer Reviews:
4.5 318 ratings

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Daniel Crosby
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Educated at Brigham Young and Emory Universities, Dr. Daniel Crosby is a psychologist, behavioral finance expert and asset manager who applies his study of market psychology to everything from financial product design to security selection. He is co-author of the New York Times bestseller Personal Benchmark: Integrating Behavioral Finance and Investment Management and founder of Nocturne Capital. He is at the forefront of behavioralising finance. His ideas have appeared in the Huffington Post and Risk Management Magazine, as well as his monthly columns for WealthManagement.com and Investment News.
Daniel was named one of the "12 Thinkers to Watch" by Monster.com, a "Financial Blogger You Should Be Reading" by AARP and in the "Top 40 Under 40" by Investment News. When he is not consulting around market psychology, Daniel enjoys independent films, fanatically following St. Louis Cardinals baseball, and spending time with his wife and three children.
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4.5 out of 5

318 global ratings

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Matthew W Gosney, Ed.D.

I make great fried chicken

Reviewed in the United States on February 13, 2017

Verified Purchase

In the interest of disclosure, I've eaten BBQ with the author. This makes us blood brothers similar to the Lone Ranger and Tonto.

I consider myself skilled in a fair number of arenas. I make great fried chicken. I can capture an audience and teach difficult concepts in simple terms. I can tell you the roster (starters and bench) of the 1985 national runner-up OU Sooner men's basketball team. An area where I've always felt deficient is in my knowledge of and abilities surrounding investing. And, while I am a student of psychology and human behavior, it has always felt most writing on the intersection of psychology and economics ends with the punch line, "yes, you're really an idiot."

That is why I can so easily endorse 'The Laws of Wealth' by Dr. Daniel Crosby. Speaking to the novice investor, Dr. Crosby has addressed my greatest fear - that I really am as bad at investing as all the other behavioral finance experts suggest - and turned it on its ear. Instead of being shamed by my lack of "secret knowledge," Dr. Crosby suggests that all that's really required to be a successful investor is the adoption of simple rules, dutifully applied. What previously seemed inaccessible now appears reasonable, even obtainable. His language is clear, concise, entertaining, and impactful. His approach is rigorous, grounded, and understandable. For the average investor, previously scared of looking foolish with inexperience, 'The Laws of Wealth' provides a way forward that feels at once calming and energizing. Kudos to Dr. Crosby for pulling back the curtain and sharing with the world the simple secrets to investing.

One person found this helpful

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Corey Hoffstein

You Control What Matters Most

Reviewed in the United States on July 20, 2016

Verified Purchase

Full disclosure: I know the author, was thanked in the acknowledgements, and my work was quoted in the book.

There are many things we cannot control in the world of investing. In the Laws of Wealth, Dr. Crosby makes a compelling argument for what we can control – our own behavior – may be the most important aspect of all in determining the long-term success of our financial plans.

A psychologist by training, Dr. Crosby lays a foundation of evidence that the behavioral shortcuts we use to make our every day lives more efficient actually cripple our ability to be successful investors. While this foundation is built by the thorough citation of academic studies, it is illustrated with entertaining anecdotes.

Perhaps that is what makes this book so great. It never feels like a dry recitation of prior work. Dr. Crosby expertly weaves into the academic basis interesting quotes from practitioners and compelling narratives that entertain and educate.

The first half the book lays out Dr. Crosby’s 10 laws of wealth, each rule crafted to help address and combat a unique behavioral bias. The basis for the rules themselves are discussed at length with a surprisingly cross-disciplinary approach: a citation of a seminal behavioral finance paper may be sandwiched between a pop-culture reference and the results of a highly quantitative study. Chapters are finished with a highly practical three point summary, laying out what we should think, ask, and do as a result of what we just learned.

The second half of the book outlines why misbehavior may actually be opportunity for prudent investors. A few simple rules are outlined – again supported by a significant weight of evidence – that may help the everyday investor take advantage of the behavioral biases exhibited by other market participants to create excess return.

My only critique of this book is that is can sometimes feel more like a well organized discussion of other people’s work (“OPW”) than a truly unique contribution to the field of behavioral finance itself. This use of OPW can sometimes feel a bit jarring as the author rapidly jumps between different anecdotes and studies. While the book has a comprehensive thread of thought, I sometimes found myself laughing at an anecdote mid-chapter, and then scratching my head trying to recall what the overall chapter theme was.

Yet perhaps Dr. Crosby’s greatest contribution to this space is the fact that he has created a very accessible and comprehensive introduction to behavioral finance in a highly entertaining package. In a field where results can be locked away in indecipherable academic papers and numeric tables, The Laws of Wealth does an expert job compiling, translating, explaining, and entertaining to ultimately illustrate a singular, but highly important point: we ultimately control the single most important factor in investing – ourselves.

15 people found this helpful

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Abu Sesay

(To me) A potential revelation. Could lead to great methodology.

Reviewed in the United States on February 8, 2017

Verified Purchase

An excellent read that could be the evolution of value investing in the ever changing world of investments. Full of anecdotes and references, this book can do well by novice investors, (in part one), and professionals of all ilk, (part two). My only knock against the book, which is at no fault to the author and is probably dependent on who his intended audience is, is that there are terms and vocabulary that is more so meant for academics than a regular reader who has a vague interest in investments, so I can see how some may get lost. (Please note, the writer is a PhD. This is understandable.) I see this book as beneficial to people barely in investments in help in choosing a good professional, so that's why that was a concern. But I can speak for myself, this is a fluid read with many insights to build upon and may be ahead of its time a little. I will be using this book as a reference and revisit time and time again. I truly love it. Exceptional work in gathering such information and condensing it for schmucks like me. Bravo.

4 people found this helpful

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NinjaNunu

Great read for new, novice and experienced investors

Reviewed in the United States on December 30, 2021

Verified Purchase

I never heard of Dr. Daniel Crosby until I was introduced to him through a work connection in a small webinar about some of the principles found in the book. I received so much value in that short talk I ordered the book before the ink from my notes dried.

This book is great! FULL of clear ideas, many compiled from other authors and researchers and brought into a cohesive, digestible format.

Behavioral finance is an emerging topic that I believe will become engrained in financial services and this book does a stellar job at showcasing how to create a strategy that leverages behavioral finance in your favor while most fall victim to it.

To top it off, the author writes like he speaks and sprinkled his entertaining sense of humor throughout the book. Very fun, informative, and thought provoking read!

One person found this helpful

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Top reviews from other countries

Craig Alexander

The Laws of Wealth

Reviewed in the United Kingdom on March 5, 2024

Verified Purchase

This was a great read, well worth a look for anyone on their investment journey

Tim

Fantastic read!

Reviewed in Germany on August 11, 2019

Verified Purchase

Great book! Really jealous you start to see your own blind spots, especially for the beginner.

alessandra

Easy and practical

Reviewed in Italy on July 26, 2017

Verified Purchase

Great book for both single investors and advisors. A practical view of behavioural finanance and few very easy to follow rules to improve your behaviour in investing

Sumisu

Starts off well and then just turns into a stock pickers book predicting the next "Golden Formula".

Reviewed in Australia on July 2, 2023

Verified Purchase

Lots of interesting info about biases but in the end ignores the fact that a 'stock picker' has an extremely low probability of success against these biases and spends all their time dwelling on them. It talks about how "passive' investing can be beaten but takes you down the same beaten path of "Here's my formula that will beat these biases". Disappointing because if you follow his concepts you will be busy worrying and second-guessing yourself and most likely miserable doing it.

Dilip Mehta

Disappointing! The above headline tells it all.

Reviewed in India on February 21, 2017

Verified Purchase

Disappointing! Hotch poth ideas communicated in a complicated manner.

2 people found this helpful

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