In Personal Benchmark: Integrating Behavioral Finance and Investment Management, Chuck Widger and Dr. Daniel Crosby outline the ways in which a program of embedded behavioral finance, fueled by what matters most to you, can be your protection against irrational financial behavior. Along the way, you'll learn how to improve your investment experience, increase returns formerly sacrificed to misbehavior, and worry less about "The Economy" as you become increasingly focused on "My Economy."
Welcome to a new way of investing, a new paradigm for conceptualizing wealth, and a system of turning emotion from your portfolio's worst enemy into its best friend!
In this new model, risk is simply the likelihood that we will underperform our dreams. Irrationality is acting in ways that thwart our ability to reach those dreams. And the optimal portfolio is not the one that generates the highest return in abstraction, it is the one that helps us meet our goals without killing our nerves before we get there.
This book gives advisors the tools needed to effectively communicate the design and execution of the Personal Benchmark solution.
Most Helpful Customer Reviews
Personal Benchmark is strong on the why and weak on the how. It makes a very compelling case for why you should not measure your portfolio against the market, but rather against your ability to reach your goals. But, when it comes to how to implement the strategy, the book gets awfully self-promotional. Not a book with much meat do the do-it-yourself types.
As a wealth advisor and CFP®, I truly believe the next evolution of the financial planning and advice business is understand and addressing the "why" behind the decisions that we and our clients make. Personal Benchmark is one of the first works I've come across that not only explains the biases that we have, but also provides some tangible solutions to addressing them.
If you're a fan of behavioral finance (and even the emerging field of financial therapy) Dr. Crosby is probably someone you've read and followed for a while. If you haven't spent much time reading through his work, Personal Benchmark is a great introduction to not only the theory and and psychology behind the most impactful biases we have, but also to the solutions that can help advisors and investors harness them for the better.
Dr. Crosby's chapter's were very useful. The balance of the book was largely a commercial for Brinker Capital.
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