Profits Without Panic : Investment Psychology for Personal Wealth

Practicing psychologist and independent investor Jonathan Myers advocates an approach to investing that relies heavily on his expertise in psychology. And in Profits Without Panic, his innovative method emerges as an attractive alternative to the less-imaginative systems usually espoused in today's investment guides. Mixing established principles with some rather unorthodox practices--such as anticipating other investors' responses to financial news, assessing a company's nonfinancial assets, and evaluating your own previous decisions in order to plot a winning game plan for the future--Myers champions a strategy of "psychonomic rationality" that, he says, will more accurately "evaluate fundamental and weightless factors of an investment while minimizing any tendency to make systematic errors." His step-by-step program contains appropriate tools for self-evaluation and novel techniques to analyze the market (how to determine true personal priorities, dispel common misperceptions, avoid herd-mentality mistakes, etc.). "Once you begin to separate out these internal and external elements," he asserts, "it becomes easier to see the opportunities." --Howard Rothman