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cover of episode Episode 76: Meir Statman talks about his new book, A Wealth of Well-Being, host Rick Ferri

Episode 76: Meir Statman talks about his new book, A Wealth of Well-Being, host Rick Ferri

2024/11/29
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Bogleheads On Investing Podcast
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Rick Ferri对Meir Statman教授新书《A Wealth of Well-Being》进行了访谈，探讨了行为金融学的三代理论。第一代理论认为投资者非理性，犯认知错误；第二代理论认为投资者是正常的，追求多种利益，而非仅仅追求财富最大化；第三代理论则将福祉纳入考量，认为财富是福祉的途径，而非福祉本身，并涵盖了经验福祉、评价福祉和意义福祉三个方面。 书中还探讨了社会资本、文化资本和个人资本的概念，以及如何平衡财务资本与其他资本的关系。作者认为，投资决策不仅要考虑财务收益，还要考虑社会、文化和个人资本的影响。追求财富可能会导致与他人比较，产生压力，降低福祉，因此需要在消费和储蓄之间取得平衡。 作者并不支持FIRE运动（财务独立，提前退休），因为它忽视了工作和社会交往对福祉的贡献。过度节俭可能会降低福祉，适当的消费和捐赠可以提升福祉。简单的投资策略（例如三基金投资组合）更有效，避免过度分析个股。随着年龄增长和财富积累，可以适当提高股票投资比例，为子女或慈善事业储蓄。 书中还探讨了婚姻、家庭、健康、工作等对福祉的影响，以及如何平衡个人和家庭的需求。婚姻对男性的福祉提升大于女性，因为女性承担更多家务和育儿责任。婚姻失败往往是因为婚前福祉水平低，婚姻本身无法解决福祉问题。过度参与孩子的课外活动可能会增加孩子的压力，降低孩子的福祉。照料年迈的父母可能会降低子女的福祉，需要平衡个人和家庭的需求。财富与健康之间存在正相关关系，拥有更多财富的人通常拥有更好的健康状况。 作者将福祉视为一个投资组合，包括财务、家庭、工作、宗教、社会等多个方面，需要平衡各个方面的需求。 Meir Statman教授详细阐述了其在行为金融学领域的最新研究成果，并结合自身经历和大量案例，深入探讨了财富与福祉之间的关系。他认为，传统的金融理论忽略了人的情感和行为因素，而他的研究则试图将这些因素纳入考量，构建一个更全面的金融决策框架。 他提出了行为金融学的三代理论，并对每一代理论进行了详细的解释和论证。他认为，投资者并非完全理性，他们的决策受到多种因素的影响，包括认知偏差、情感因素以及对社会地位和自我认同的追求。因此，投资决策不应仅仅追求财富最大化，而应兼顾多种利益，包括效用、表达和情感利益。 教授还强调了社会资本、文化资本和个人资本的重要性，并指出这些资本与财务资本之间存在相互作用和影响。他认为，一个人的福祉不仅取决于其财务状况，还取决于其人际关系、文化素养和个人特质。 在谈到投资策略时，教授建议采用简单、稳健的策略，避免过度交易和风险投资。他认为，投资的目的是为了保障生活和追求更好的生活质量，而不是为了追求短期收益。 此外，教授还探讨了婚姻、家庭、健康、工作等对福祉的影响，并指出这些因素之间存在复杂的相互作用。他认为，幸福的生活需要平衡各个方面的需求，构建一个和谐的“福祉投资组合”。

Deep Dive

Chapters
Meir Statman discusses his upbringing in Israel and how it shaped his approach to behavioral finance, emphasizing the importance of understanding human behavior beyond just financial decisions.
  • Statman's parents were Jewish refugees from Poland.
  • He grew up in a diverse environment in Israel, which influenced his understanding of human behavior.
  • His academic journey from Hebrew University to Columbia University for his PhD reflects his commitment to broadening his understanding of finance.

Shownotes Transcript

Meir Statman is the Glenn Klimek Professor of Finance at Santa Clara. His research focuses on behavioral finance as he attempts to understand how investors and managers make financial decisions and how these decisions are reflected in financial markets. 

 

Professor Statman’s research has been published in numerous academic and professional journals and has won many awards. His first book, “What Investors Really Want,” was published in 2011. His latest book, “A Wealth of Well-Being: A Holistic Approach to Behavioral Finance,” is the topic of our discussion in this podcast. 

 

The Bogleheads on Investing podcast is hosted by Rick Ferri, CFA), a long-time Boglehead and investment adviser. The Bogleheads) are a group of like-minded individual investors who follow the general investment and business beliefs of John C. Bogle, founder and former CEO of the Vanguard Group. It is a conflict-free community where individual investors reach out and provide education, assistance, and relevant information to other investors of all experience levels at no cost. The organization supports a free forum at Bogleheads.org), and the wiki site is Bogleheads® wiki). 

 

Since 2000, the Bogleheads' have held national conferences in major cities nationwide. There are also many Local Chapters in the US and even a few Foreign Chapters that meet regularly. New Chapters are being added regularly. All Bogleheads activities are coordinated by volunteers who contribute their time and talent.  

 

This podcast is supported by the John C. Bogle Center for Financial Literacy), a non-profit organization approved by the IRS as a 501(c)(3) public charity on February 6, 2012. Your tax-deductible donation) to the Bogle Center is appreciated.