Hersh Shefrin's guest appearances

Hersh Shefrin

Michael Covel's Trend Following

Voices of Santa Clara Podcast

The Rational Reminder Podcast

The Friendly Bear

Allison Schrager

Rob Arnott

Larry Swedroe

Cullen Roche

Daniel Crosby

Ayelet Fishbach

Josh Brown

Annie Duke

Neil Pasricha

Victor Ricciardi

Barry Ritholtz

Jim Simons

Rich Karlgaard

Cal Newport

Vanessa Van Edwards

OwlTail

In many episodes of this podcast we refer to the psychological component of investing, and today we are very happy to host a global authority on the subject and share an absolute masterclass about behavioural psychology as it relates to our finances and the decisions we make. We welcome Professor Hersh Shefrin to the show, who is the author of many books including the seminal Beyond Greed and Fear, which he wrote in the last 1990s, and still holds much value and relevance in today's climate. Professor Shefrin is kind enough to share some reflections on how his understanding of the themes discussed in the book has evolved since those days and unpacks some great pieces from the book for listeners to digest. We get into some specific and technical questions about investing, looking at pursuing the alpha, momentum, and index funds, before our guest also weighs in with some broader, more philosophical responses to our queries. The conversation covers the psychological needs of investors, expected returns, and of course biases. Listeners can expect to come away with a clearer and more detailed picture of ideas we often reference, so make sure to join us for this incredible exploration with Hersh.   Key Points From This Episode:    The key message about market psychology from Beyond Greed and Fear. [0:03:23.1] Beyond Greed and Fear's three themes: heuristic-driven bias, framing effects, and inefficient markets. [0:04:39.3] Reflecting on these themes in a modern context and how our understanding has been refined. [0:12:53.6] Considering index funds in light of market efficiency frameworks. [0:21:08.3] Assessing one's ability to pursue the alpha and Professor Shefrin's advice to this end. [0:27:14.1] Possible reasons for large numbers of active money managers at institutions. [0:30:20.6] Understanding risk-based asset pricing models and expectations of higher returns when investing in riskier stocks. [0:34:41.8] The impact of behaviour-based versus risk-based explanations for investors. [0:40:00.2] Utilizing momentum in a portfolio: Professor Shefrin's explanation of this interesting phenomenon. [0:41:58.6] Comparing the current trading landscape with the advent of online trading in the '90s. [0:46:25.5] The addictive potential of stock trading; what we know about the neuroscience. [0:49:02.3] Unpacking the idea of growth opportunities bias and implicit assumptions about averages. [0:52:14.4] Weighing the relevance of the mean-variance framework to individual investors. [0:57:48.2] 'Carrying a psychological call option'; why Professor Shefrin's depicts advisors in this way. [0:59:09.3] Professor Shefrin's perspective on the interchangeability of dividends and capital gains. [1:04:42.9] The big influence that Professor Shefrin's uncle had on his career! [1:08:53.1] How Professor Shefrin defines success in his personal life and career. [1:12:12.7] 

In many episodes of this podcast we refer to the psychological component of investing, and today we are very happy to host a global authority on the subject and share an absolute masterclass about behavioural psychology as it relates to our finances and the decisions we make. We welcome Professor Hersh Shefrin to the show, who is the author of many books including the seminal Beyond Greed and Fear, which he wrote in the last 1990s, and still holds much value and relevance in today's climate. Professor Shefrin is kind enough to share some reflections on how his understanding of the themes discussed in the book has evolved since those days and unpacks some great pieces from the book for listeners to digest. We get into some specific and technical questions about investing, looking at pursuing the alpha, momentum, and index funds, before our guest also weighs in with some broader, more philosophical responses to our queries. The conversation covers the psychological needs of investors, expected returns, and of course biases. Listeners can expect to come away with a clearer and more detailed picture of ideas we often reference, so make sure to join us for this incredible exploration with Hersh. Key Points From This Episode: <ul> <li>The key message about market psychology from Beyond Greed and Fear. [0:03:23.1]</li> <li>Beyond Greed and Fear's three themes: heuristic-driven bias, framing effects, and inefficient markets. [0:04:39.3]</li> <li>Reflecting on these themes in a modern context and how our understanding has been refined. [0:12:53.6]</li> <li>Considering index funds in light of market efficiency frameworks. [0:21:08.3]</li> <li>Assessing one's ability to pursue the alpha and Professor Shefrin's advice to this end. [0:27:14.1]</li> <li>Possible reasons for large numbers of active money managers at institutions. [0:30:20.6]</li> <li>Understanding risk-based asset pricing models and expectations of higher returns when investing in riskier stocks. [0:34:41.8]</li> <li>The impact of behaviour-based versus risk-based explanations for investors. [0:40:00.2]</li> <li>Utilizing momentum in a portfolio: Professor Shefrin's explanation of this interesting phenomenon. [0:41:58.6]</li> <li>Comparing the current trading landscape with the advent of online trading in the '90s. [0:46:25.5]</li> <li>The addictive potential of stock trading; what we know about the neuroscience. [0:49:02.3]</li> <li>Unpacking the idea of growth opportunities bias and implicit assumptions about averages. [0:52:14.4]</li> <li>Weighing the relevance of the mean-variance framework to individual investors. [0:57:48.2]</li> <li>'Carrying a psychological call option'; why Professor Shefrin's depicts advisors in this way. [0:59:09.3]</li> <li>Professor Shefrin's perspective on the interchangeability of dividends and capital gains. [1:04:42.9]</li> <li>The big influence that Professor Shefrin's uncle had on his career! [1:08:53.1]</li> <li>How Professor Shefrin defines success in his personal life and career. [1:12:12.7]</li> </ul>

Professor Hersh Shefrin: Fear, Hope, and the Psychology of Investing (EP.167)

Hersh Shefrin is a pioneer of the field behavioral finance, which, as the name suggests, integrates principles of human behavior like emotion and self-control into financial and economic models. Dr. Shefrin serves as the Mario Belotti Chair in the Department of Finance at Santa Clara University's Leavey School of Business, and he has worked at Santa Clara for 40 years. Dr. Shefrin has written several books including “Behavioral Risk Management” in 2015 about how financial disasters and mistakes almost always have behavioral roots. He has written textbooks and dozens of articles, he contributes to Forbes, and he has his own Wikipedia page. In this conversation, Dr. Shefrin tells the story of how he got interested in behavioral economics, and this story involves the most famous psychologists of the 20th century. We also zoom in on personal decision-making tactics, how to think about self-control, and tips for young people on investing in volatile times. Website: https://www.voicesofsantaclara.com/hersh-shefrin Hosted on Acast. See acast.com/privacy for more information.

Hersh Shefrin is a pioneer of the field behavioral finance, which, as the name suggests, integrates principles of human behavior like emotion and self-control into financial and economic models. Dr. Shefrin serves as the Mario Belotti Chair in the Department of Finance at Santa Clara University's Leavey School of Business, and he has worked at Santa Clara for 40 years. Dr. Shefrin has written several books including “Behavioral Risk Management” in 2015 about how financial disasters and mistakes almost always have behavioral roots. He has written textbooks and dozens of articles, he contributes to Forbes, and he has his own Wikipedia page. In this conversation, Dr. Shefrin tells the story of how he got interested in behavioral economics, and this story involves the most famous psychologists of the 20th century. We also zoom in on personal decision-making tactics, how to think about self-control, and tips for young people on investing in volatile times. Website: <a href="https://www.voicesofsantaclara.com/hersh-shefrin" rel="nofollow" target="_blank">https://www.voicesofsantaclara.com/hersh-shefrin</a> Hosted on Acast. See <a href="https://acast.com/privacy" rel="noopener noreferrer nofollow" target="_blank">acast.com/privacy</a> for more information.

Hersh Shefrin: Understanding Human Behavior to Make Better Decisions

Michael Covel

Arvid Hoffmann

My guests today are Hersh Shefrin and Arvid Hoffmann.  Hersh Shefrin has done pioneering work in behavioral finance and is the author of Beyond Greed and Fear. Hoffmann is a colleague of Shefrin. He is a Professor of Finance at Maastricht University in the Netherlands. The topic is their paper, Technical Analysis and Individual Investors. In this episode of Trend Following Radio we discuss:  Covel and Shefrin discuss how Shefrin came to know that behavioral finance was his path; the two-system framework; the connection to behavioral and eating disorders; the disposition effect; when emotion and reason are in conflict; “transferring your assets” vs. “selling a loss”; distinguishing between rules and discretion; how we stick with rules for ourselves given the context of our humanity; the psychological pitfalls of the 2008 financial crisis; the inevitability of market crises; Minsky and Keynes; the psychology of Keynesian economics; and human ideas surrounding uncertainty. With Arvid Hoffmann, Covel discusses the paper Technical Analysis and Individual Investors; the inspiration for the paper; Hoffmann’s definition of technical analysis; the narrow focus of the paper to short-term trading; technical analysis and trend following; “invest as if the market was efficient”, and “restrict your attempts to beat the market”  Jump in! --- I’m MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I’m proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I’d like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can’t get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

My guests today are Hersh Shefrin and Arvid Hoffmann.  Hersh Shefrin has done pioneering work in behavioral finance and is the author of Beyond Greed and Fear. Hoffmann is a colleague of Shefrin. He is a Professor of Finance at Maastricht University in the Netherlands. The topic is their paper, Technical Analysis and Individual Investors. In this episode of Trend Following Radio we discuss: <ul> <li>Covel and Shefrin discuss how Shefrin came to know that behavioral finance was his path; the two-system framework; the connection to behavioral and eating disorders; the disposition effect; when emotion and reason are in conflict; “transferring your assets” vs. “selling a loss”; distinguishing between rules and discretion; how we stick with rules for ourselves given the context of our humanity; the psychological pitfalls of the 2008 financial crisis; the inevitability of market crises; Minsky and Keynes; the psychology of Keynesian economics; and human ideas surrounding uncertainty.</li> <li>With Arvid Hoffmann, Covel discusses the paper Technical Analysis and Individual Investors; the inspiration for the paper; Hoffmann’s definition of technical analysis; the narrow focus of the paper to short-term trading; technical analysis and trend following; “invest as if the market was efficient”, and “restrict your attempts to beat the market”</li> </ul> Jump in! --- I’m MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I’m proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I’d like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: <a href="https://www.trendfollowing.com/trend/" rel="noopener nofollow" target="_blank">https://www.trendfollowing.com/trend/</a> You can watch a free video here: <a href="https://www.trendfollowing.com/video/" rel="noopener nofollow" target="_blank">https://www.trendfollowing.com/video/</a> Can’t get enough of this episode? You can choose from my thousand plus episodes here: <a href="https://www.trendfollowing.com/podcast" rel="noopener nofollow" target="_blank">https://www.trendfollowing.com/podcast</a> My social media platforms: Twitter: <a href="https://twitter.com/covel" rel="noopener nofollow" target="_blank">@covel</a> Facebook: <a href="https://www.facebook.com/trendfollowing/" rel="noopener nofollow" target="_blank">@trendfollowing</a> LinkedIn: <a href="https://linkedin.com/in/covel/" rel="noopener nofollow" target="_blank">@covel</a> Instagram: <a href="https://www.instagram.com/mikecovel/" rel="noopener nofollow" target="_blank">@mikecovel</a> Hope you enjoy my never-ending podcast conversation!

Ep. 250: Hersh Shefrin and Arvid Hoffmann Interview with Michael Covel on Trend Following Radio