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Mean Markets and Lizard Brains
Terry Burnham
How to Profit from the New Science of Irrationality
Wiley
February 2005
310 pages
ISBN: 0471602450
Hardcover
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Non-Fiction
Everyone from journalists to market pros are turning to
behavioral finance to explain, analyze, and predict market
direction. In contrast to old-school assumptions of
cool-headed rationality, the new behavioral school embraces
hot-blooded human irrationality as a core feature of both
individuals and financial markets. The 2002 Nobel Prize in
Economics was awarded to scholars of this new scientific
approach to irrationality. In Mean Markets and Lizard
Brains, Terry Burnham, an economist who has a proven ability
to translate complex topics into everyday language, reveals
the biological causes of irrationality. The human brain
contains ancient structures that exert powerful and often
unconscious influences on behavior. This "lizard brain" may
have helped our ancestors eat and reproduce, but it wreaks
havoc with our finances. Going far beyond cataloguing our
financial foibles, Dr. Burnham applies this novel approach
to all of today's most important financial topics: the stock
market, the economy, real estate, bonds, mortgages,
inflation, and savings. This broad and scholarly
investigation provides an in-depth look at why manias,
panics, and crashes happen, and why people are built to want
to buy at irrationally high prices and sell at irrationally
low prices. Most importantly, by incorporating the new
science of irrationality, readers can position themselves to
profit from financial markets that often seem downright
mean. Mean Markets and Lizard Brains skillfully identifies
the craziness that is part of human nature, helps us see it
in ourselves, and then shows us how to profit from a world
that doesn't always make sense.
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