Gregg S. Fisher

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In my work advising individuals on their investment strategies, I get somewhat of a front-row seat when it comes to observing behavioral investing in action. More than occasionally, I find myself explaining to a client why his or her desired course of action is likely to do more harm than good. But knowledge of market conditions and historical risk/return(More)
The performance of the average investor in an asset class lags the average performance of the asset class itself by an average of one percent per year over the past fifteen years, based on net investor mutual fund cash flows. We present a model in which a representative behavioral investor believes next year’s returns will exactly match last year’s returns(More)
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