Jason's Answers

Benjamin Graham, the Human Brain, and the Bubble
10/01/2003: “Boom and Bust,” a volume of guest essays published by the European Asset Management Association (see pp. 160-164 in the PDF link below, or 145-149 in the print edition)
This article combines the insights of Ben Graham with the newest discoveries in neuroscience to shed light on the manic-depressive market of the past few years.
http://www.jasonzweig.com/uploads/BenGrahamEAMA.pdf

Is Your Brain Wired to Make You Rich? The Neuroscience of Financial Decision-Making
03/01/2003: Hoover Institution
This speech, which Jason presented at the Hoover Institution at Stanford University, is a shorter and simpler version of a talk he gave earlier to the CFA Institute in 2002 [see May 14, 2002]. It’s an overview of how the human brain goes about making investment decisions – complete with colorful graphics of neurons firing away. [See also October, 2002.]
http://jasonzweig.com/brain2003.ppt

Are you wired for wealth?
10/01/2002: Money Magazine
What goes on inside your brain when you invest? Here’s how the latest breakthroughs in neuroscience can help make you smarter – and richer. [See also May 14, 2002 and March 18, 2003.]
http://money.cnn.com/2002/09/25/pf/investing/agenda_brain_short/index.htm;
http://www.jasonzweig.com/uploads/10.02Neuroeconomics1.pdf;
http://www.jasonzweig.com/uploads/10.02Neuroeconomics2.pdf;
http://www.jasonzweig.com/uploads/10.02Neuroeconomics3.pdf

Money and the Mind: How Neuroscientists Are Cracking the Code of Investment Behavior
05/01/2002
Jason explains the exciting new insights into financial decision-making that are coming from groundbreaking research in neuroscience. This presentation, to the annual meeting of the Association for Investment Management & Research, outlines the roles that different parts of the human brain play in estimating probabilities, assessing risk and reward, and integrating emotion with reason. [See also October, 2002, and March 18, 2003]
http://jasonzweig.com/Brain2002.ppt

The Trouble With Humans
11/01/2000: Money Magazine, Vol. 29 No. 12
A look at the neuroscience of investing: Why rats and pigeons might make better investors than people do.
http://money.cnn.com/magazines/moneymag/moneymag_archive/2000/11/01/290855/...;
http://www.jasonzweig.com/uploads/11.00Neuroeconomics.pdf

“Expert Q&A”
08/01/1999: morningstar.com
In this online chat, Jason fields questions from Morningstar users about everything from stock-picking “systems” to index funds, how and why to use a broker, investing in corporate bankruptcies, saving for college, the fine points of bond funds, and the ethics of financial journalism. [Conversation 676: in the “Jump to #” box, enter 676]
http://socialize.morningstar.com/NewSocialize/asp/fullconv.asp

The neuroscience of investing
01/01/2003: CNN "Moneyline" with Lou Dobbs
An overview of the neural pathways your brain uses to make decisions about money.
http://cnnstudentnews.cnn.com/transcripts/0301/10/mlld.00.html

When the Stock Market Plunges...Will You Be Brave, or Will You Cave?
01/01/1997: Money Magazine
An exploration of the psychology of investment risk.
http://money.cnn.com/magazines/moneymag/moneymag_archive/1997/01/01/220939/...;
http://www.jasonzweig.com/uploads/1.97InvBehavior1.pdf;
http://www.jasonzweig.com/uploads/1.97InvBehavior2.pdf;
http://www.jasonzweig.com/uploads/1.97InvBehavior3.pdf

Why You Should Ignore Stock Prices
12/01/2006: Money Magazine
A look at the baffling question of why the price of an average share of stock has not budged in decades.
http://www.jasonzweig.com/uploads/12.06Splits.pdf

The Thrill Is Wrong
02/01/2006: Money Magazine
A survey of the new field of neuroeconomics, showing how expecting to make money is more intense than experiencing it.
http://money.cnn.com/2006/01/09/funds/fundguide_zweig_money_0602/index.htm;
http://www.jasonzweig.com/uploads/2.06Neuroeconomics1.pdf;
http://www.jasonzweig.com/uploads/2.06Neuroeconomics2.pdf

You Can Handle a Crash Better than You Think
05/01/2007: Money Magazine
Why the fear of losing money usually feels worse than actually losing it.
http://money.cnn.com/magazines/moneymag/moneymag_archive/2007/05/01/8405624...;
http://www.jasonzweig.com/uploads/5.07Expectation.pdf

The Right Way to Handle a Surprise
06/01/2007: Money Magazine
Why a one-penny shortfall in earnings makes Wall Street go crazy, and how to keep yourself sane.
http://money.cnn.com/magazines/moneymag/moneymag_archive/2007/06/01/1000339...;
http://www.jasonzweig.com/uploads/6.07Surprise.pdf

Why We Stay Home and Why It`s a Bad Idea
07/01/2007: Money Magazine
It`s human nature to feel at ease with what`s familiar. But in investing, comfort can cost you a lot of money.
http://money.cnn.com/magazines/moneymag/moneymag_archive/2007/07/01/1001166...;
http://www.jasonzweig.com/uploads/7.07HomeBias.pdf

Master of the Imperfect Mind
09/01/2007: Money Magazine
An interview on behavioral finance with the Nobel Prize-winning psychologist Daniel Kahneman.
http://www.jasonzweig.com/uploads/9.07Kahneman.pdf;
http://money.cnn.com/2007/08/23/pf/zweig_kahneman.moneymag/index.htm?postv...

Your Money and Your Brain
09/01/2007: Money Magazine
An excerpt on the neuroeconomics of greed and fear from Jason Zweig`s new book.
http://www.jasonzweig.com/uploads/9.07NeuroeconomicsExcerpt.pdf;
http://money.cnn.com/2007/08/14/pf/zweig.moneymag/index.htm?postversion=20...

Why Is It So Hard to Save?
03/01/2008: Money Magazine
New research in neuroeconomics explores how the investing brain sizes up the long-term future.
http://www.jasonzweig.com/uploads/3.08Brain&Time.pdf;
http://money.cnn.com/2008/02/29/pf/intelligent2_mar.moneymag/index.htm

How to Control Your Fears in a Fearsome Market
07/19/2008: The Wall Street Journal
Discoveries in neuroscience that can help investors think more clearly
http://online.wsj.com/article/SB121642720591866951.html

Should You Fear the Ostrich Effect?
09/13/2008: The Wall Street Journal
Bulls and bears aren`t alone in the menagerie; we`re all ostriches now.
http://online.wsj.com/article/SB122125886256030143.html

For Investors, Dealing with a Loss of Control
10/07/2008: The Wall Street Journal
How uncertainty and panic mess with your investing mind.
http://online.wsj.com/article/SB122333709375409655.html

Take a Deep Breath, Turn off the TV, Calm Yourself
10/18/2008: The Wall Street Journal
Advice and techniques for controlling fear in a fearsome time.
http://online.wsj.com/article/SB122428810219346585.html

Financial Pressure Is a Family-Room Topic, Too
12/27/2008: The Wall Street Journal
How families can manage the stress of financial losses and economic pressures.
http://online.wsj.com/article/SB123033755903236445.html

As Stock Losses Loom, Don’t Throw a ‘Hail Mary’
02/21/2009: The Wall Street Journal
Why desperate investors do desperate things, and how to avoid joining in.
http://online.wsj.com/article/SB123518055107638381.html

Is Your Investing Personality in Your DNA?
04/04/2009: The Wall Street Journal
What the emerging science of genoeconomics can tell us about investing.
http://online.wsj.com/article/SB123879381940987845.html

About Time: Regulation Based on Human Nature
06/20/2009: The Wall Street Journal
At long last, behavioral economics comes to Washington.
http://online.wsj.com/article/SB124545477468032915.html

Using the Lottery Effect to Make People Save
07/18/2009: The Wall Street Journal
How a combination of a lotto ticket and a CD has helped raise savings among the working poor.
http://online.wsj.com/article/SB124786612839159989.html

Why Do Investors Sit Tight in 401(k)?
09/05/2009: The Wall Street Journal
A look at sitting bulls: the 401(k) investors who buy stocks and then never sell.
http://online.wsj.com/article/SB125209938267387389.html

What a Bear Market Might Teach Us
11/25/2008: The Wall Street Journal Online
A blog post on how hard times might change America for the better.
http://blogs.wsj.com/wallet/2008/11/25/what-a-bear-market-might-teach-us/

Financial Crisis Has an Upside: ‘The Joy of Schadenfreude’
02/12/2009: The Wall Street Journal Online
A blog post on the neuroscience of seeing the rich suffer.
http://blogs.wsj.com/wallet/2009/02/12/wall-street-crisis-schadenfreud/

Inside the Madoff Scandal
03/12/2009: The Wall Street Journal Online
An online video investigation of Bernard L. Madoff`s Ponzi scheme.
http://online.wsj.com/video/inside-the-madoff-scandal-chapter-one/81AB0844-...;
http://online.wsj.com/video/inside-the-madoff-scandal-chapter-two/27203456...

This Is Your Brain on Investment Advice
03/31/2009: The Wall Street Journal Online
A blog post on the neuroscience of taking financial advice from an `expert.`
http://blogs.wsj.com/wallet/2009/03/31/this-is-your-brain-on-investment-adv...

Painless Spending Can Hurt Pocketbooks
09/25/2009: Public Radio
A chat with Tess Vigeland of Public Radio`s ``Marketplace`` on the psychology of credit cards.
http://marketplace.publicradio.org/display/web/2009/09/25/mm-checks/

Teach Yourself to Be a Better Investor
10/15/2009: Morningstar
An interview with Morningstar’s Christine Benz
http://news.morningstar.com/articlenet/article.aspx?id=311658

How to Ignore the Yes-Man in Your Head
11/14/2009: The Wall Street Journal
Why confirmation bias is such a problem for investors, and what to do about it.
http://online.wsj.com/article/SB10001424052748703811604574533680037778184.h...

Will We Ever Again Trust Wall Street?
02/06/2010: The Wall Street Journal
What would it take for burned investors to return to the markets?
http://online.wsj.com/article/SB10001424052748704878904575031442147996562.h...

Behavioral Finance: What Can Investors Learn from Their Mistakes?
02/16/2010: CFA Institute
A video discussion, with Gregory Seals of the CFA Institute, on the pitfalls of risk perception, where investors went wrong, and how Wall Street needs to change. (Free registration required.)
http://www.cfawebcasts.org/modules/catalog/CourseDetails.aspx?ProductGroupI...

What`s in a Name: If It’s ‘China,’ a Pick-Me-Up
03/20/2010: The Wall Street Journal
Why sticking ‘China’ onto a stock’s name makes it go up.
http://online.wsj.com/article/SB10001424052748704534904575131700104302706.h...

Full Disclosure: Most Risks Hide in Plain Sight
04/24/2010: The Wall Street Journal
Would better disclosure have discouraged investors from buying from Goldman Sachs?
http://online.wsj.com/article/SB10001424052748704388304575202280469112698.h...

So That`s Why Investors Can`t Think for Themselves
06/19/2010: The Wall Street Journal
New research in neuroeconomics shows that going along with the crowd is intrinsically rewarding...even if it`s wrong.
http://online.wsj.com/article/SB10001424052748703438604575314932570154178.h...

Ticker Shock: When a Catchy Stock Symbol Lures Investors
08/14/2010: The Wall Street Journal
You would never buy a stock just because you liked its ticker symbol. Or would you?
http://online.wsj.com/article/SB10001424052748703723504575426001633028456.h...

What Conflict of Interest? How Power Blinds Us to Our Flaws
10/16/2010: The Wall Street Journal
Why do members of Congress and their aides think there`s nothing wrong with the perception of insider trading on Capitol Hill?
http://online.wsj.com/article/SB10001424052748704049904575554224110186824.h...

Meet `Future You.` Like What You See?
03/26/2011: The Wall Street Journal
New `virtual reality` techniques could help solve the age-old problem of saving for retirement.
http://online.wsj.com/article/SB10001424052748703410604576216663758990104.h...

Too Flustered to Trade: A Portrait of the Angry Investor
08/20/2011: The Wall Street Journal
Years of lousy returns have turned investors into horrified bystanders.
http://online.wsj.com/article/SB10001424053111904070604576518584290614602.h...

Why We Can`t Let Go of Our Losers
10/15/2011: The Wall Street Journal
The neuroeconomics of trying to dump an investment you`ve lost money on.
http://online.wsj.com/article/SB10001424052970204774604576631302847124750.h...

Insider Trading: Why We Can`t Help Ourselves
04/02/2011: The Wall Street Journal
What blinded Warren Buffett to the conflicts of interest going on under his very nose?
http://online.wsj.com/article/SB10001424052748704530204576236922024758718.h...

Safe at Home? Not in a 401(k)
11/19/2011: The Wall Street Journal
When the markets get shaky, investors add more money to their own company`s stock.
http://online.wsj.com/article/SB10001424052970204517204577046450495612744.h...

This Is Your Brain on a Hot Streak
02/11/2012: The Wall Street Journal
What leads investors to fixate on the market\'s short-term return as if it were predictive of the long-term future?
http://online.wsj.com/article/SB10001424052970204642604577215133261921346.h...

Polishing the Dimon Principle
05/12/2012: The Wall Street Journal
Never forget the words of Richard Feynman: `You must not fool yourself -- and you are the easiest person to fool.`
http://online.wsj.com/article/SB10001424052702304543904577398173827749672.h...

Is `You` a Good Investment?
05/19/2012: The Wall Street Journal
As Facebook goes public, investors need to bear in mind that loving a company is one thing. Loving the stock is entirely another.
http://online.wsj.com/article/SB10001424052702303879604577412610568852458.h...

Why We`re Driven to Trade
07/21/2012: The Wall Street Journal
What makes thinking about the longer-term future so hard?
http://online.wsj.com/article/SB10000872396390444097904577538924031591882.h...

When Will Retail Investors Call It Quits?
08/02/2012: The Wall Street Journal
The latest trading glitch drives another nail into the coffin of many individual investors` enthusiasm for stocks.
http://online.wsj.com/article/SB10000872396390443545504577563511537138938.h...

Profits Came in Lower Than Expected? Hip, Hip, Hooray!
09/01/2012: The Wall Street Journal
In the latest twist, Wall Street greets bad earnings news and good news for stocks.
http://online.wsj.com/article/SB10000872396390444772804577623391308969570.h...

This Is Your Brain on Gains
10/28/2011: WSJ Online: Total Return blog
A new study in neuroeconomics helps explain why we learn more from positive surprises than from negative ones.
http://blogs.wsj.com/totalreturn/2011/10/28/this-is-your-brain-on-gains/

Can Birds Plan for Retirement?
11/22/2011: WSJ Online: Total Return blog
New experiments in animal behavior show that Eurasian jays (Garrulus glandarius) can defer gratification for days on end.
http://blogs.wsj.com/totalreturn/2011/11/22/can-birds-plan-for-retirement/

What Surveys Don`t Know About You
12/07/2011: WSJ Online: Total Return blog
Do those surveys of how much consumers will spend during holiday shopping season mean anything?
http://blogs.wsj.com/totalreturn/2011/12/07/what-surveys-dont-know-about-yo...

Keeping Up With the Wangs
12/14/2011: WSJ Online: Total Return blog
Judging your investment success by your wealth relative to other people has spread to China.
http://blogs.wsj.com/totalreturn/2011/12/14/keeping-up-with-the-wangs/

Who Are You Calling Birdbrain?
02/02/2012: WSJ Online: Total Return blog
Our exclusive interview with the racing pigeon that was just auctioned for $328,000.
http://blogs.wsj.com/totalreturn/2012/02/02/who-you-calling-birdbrain/

The Financial Crisis Will Be Over When...
02/13/2012: WSJ Online: Total Return blog
...Americans finally re-embrace one of the virtues that made the country great: thrift.
http://blogs.wsj.com/totalreturn/2012/02/13/the-financial-crisis-will-be-ov...

When Your DNA Dings Your ROI
02/22/2012: WSJ Online: Total Return blog
New research in genoeconomics finds that variations in DNA explain much of the likelihood of making common investing mistakes.
http://blogs.wsj.com/totalreturn/2012/02/22/when-your-dna-dings-your-roi/

The Financial Wisdom of G.K. Chesterton
03/06/2012: WSJ Online: Total Return blog
What the master of English prose can teach us about the follies of economic forecasting.
http://blogs.wsj.com/totalreturn/2012/03/06/the-financial-wisdom-of-g-k-che...

`Jumbo Shrimp,` Meet `Sophisticated Investor`
03/28/2012: WSJ Online: Total Return blog
What would George Carlin think of the idea that the markets are full of sophisticated investors?
http://blogs.wsj.com/totalreturn/2012/03/28/jumbo-shrimp-meet-sophisticated...

Keys to Thinking About Keynes
04/03/2012: WSJ Online: Total Return blog
Why do people judge Keynes the investor based on their views about Keynes the economist?
http://blogs.wsj.com/totalreturn/2012/04/03/keys-to-thinking-about-keynes/

Generation Why?
06/27/2012: WSJ Online: Total Return blog
A plea for financial marketers to knock it off with the Generation X, Gen Y and millennial stuff.
http://blogs.wsj.com/totalreturn/2012/06/27/generation-why/

I, Robot, Am a Stupid Trader
06/29/2012: WSJ Online: Total Return blog
A British artist launches a computerized fund that invests on the basis of irrational human beliefs.
http://blogs.wsj.com/totalreturn/2012/06/29/i-robot-am-a-stupid-trader/

Stupid Investing Tricks
07/24/2012: WSJ Online: Total Return blog
Why people investing on 30-year horizons move their money around based on the latest one-day fluctuations.
http://blogs.wsj.com/totalreturn/2012/07/24/stupid-investing-tricks/

Church of England to Bankers: Repent!
09/27/2012: WSJ Online: Total Return blog
`Human sin is a reality that has to be taken account of` -- especially in the financial industry.
http://blogs.wsj.com/totalreturn/2012/09/27/church-of-england-to-bankers-re...

There`s Nothing New Under the Sun
10/02/2012: WSJ Online: Total Return blog
The financial crisis of 2008-2009, or the financial crisis of 1890?
http://blogs.wsj.com/totalreturn/2012/10/02/theres-nothing-new-under-the-su...

The Winner for Investors Is...
10/20/2012: The Wall Street Journal
How much are stock returns affected by which party is in the White House?
http://jasonzweig.com/online.wsj.com/article/SB10000872396390444592704578066683295046230.html

Can You Trust Your Stockjobber?
10/30/2012: WSJ Online: Total Return blog
A look back at how people invested from 1690 to 1720 suggests that human nature changes much less than we would like to admit.
http://blogs.wsj.com/totalreturn/2012/10/30/can-you-trust-your-stockjobber/

Why Buy and Hold Feels Dead
11/07/2012: WSJ Online: Total Return blog
Why, when a patient approach to diversification has worked well, do so many people think it has failed?
http://blogs.wsj.com/totalreturn/2012/11/07/why-buy-and-hold-feels-dead/

Are You Brilliant, or Lucky?
12/08/2012: The Wall Street Journal
Why are investors pouring money into actively managed bond funds despite the massive evidence that bond index funds will do better?
http://online.wsj.com/article/SB10001424127887323316804578165143799397184.h...

How Huge Returns Mess With Your Mind
01/05/2013: The Wall Street Journal
What makes compound returns so hard for many people to understand, and what to do about that.
http://online.wsj.com/article/SB10001424127887323689604578221783598474120.h...

Those Losses of 2008 and 2009? Forget About Them!
02/23/2013: The Wall Street Journal
How the investing mind erases bad memories, and what you can do about it.
http://online.wsj.com/article/SB10001424127887323864304578320240801023634.h...

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