Winning Investment Decisions by Walter F. Wild is a comprehensive guide to the conceptual theory and basic practice of investing for novice investors. It will surprise readers to know that Wild is not a practicing investment professional, but instead a clinical psychologist who has made management and advisement of investment portfolios a lucrative side activity. But this fact shouldn’t deter readers: Wild has extensive and complete knowledge of the financial world – and the human relationship to it.
Winning Investment Decisions is divided into five parts that cover the psychology of investing, basic investment concepts, the relationship of risk to benefit, strategy, and market outlook. Wild’s writing style is direct, academic, and impersonal. The closest the reader gets to a peek at the man behind the text is a lyrical passage in Chapter 6 that likens taking financial risk to Odysseus’s experience with Scylla and Charybdis, and poetically waxes that “Knowing about dangerous shoals can be helpful in navigating through the investment waters.”
The overview of basic investment concepts, market conditions, and terminology is a must-read for any financial laymen. However, the truly insightful content comes in the first part on the role human psychology plays in investing and how markets work. Wild is truly in his element as he examines common psychological myths and perspectives that influence how people make investment choices, such as conformity, irrationality, confirmation bias, and impatience.
The bottom line on Winning Investment Decisions is that while it isn’t the most stylistically charming text, it is a well researched and comprehensive investment book that not only provides solid knowledge for the new investor, but also worthwhile psychological insights for the seasoned financial guru.
Also available in hardcover and ebook.
