‘Buy What You Know’ Is ‘Dumb Advice’: Daniel Crosby
His new book, “The Behavioral Investor” (Harriman House-Oct. 16, 2018) follows Crosby’s New York Times bestseller, “Personal Benchmark” (2014), co-authored with Charles Widger.
In the interview, Crosby, 38, focuses on a theme that can best be described by the opening verse to Paul Simon’s classic, “Feelin’ Groovy” (aka “The 59th Street Bridge Song”): “Slow down, you move too fast.” The doctor’s point is that investors should “pause, slow down” and be guided by the old saying, “This too shall pass,” because mean reversion in the stock market is a fact of life.
FAs are invaluable to keeping clients from making potentially costly investing errors, Crosby holds. He even suggests that they have clients sign a “Behavioral Policy Statement” promising to behave in a way that maximizes wealth growth.
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