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 / Spring 2006 / Issue 42(originally published by Booz & Company)


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  1. Louis K.C. Chan and Josef Lakonishok, “Value and Growth Investing — Review and Update,” Financial Analysts Journal, vol. 60, no. 1, January–February 2004: Survey of the empirical literature concluding that value investing generates superior returns.
  2. Eugene Fama, “Market Efficiency, Long-Term Returns and Behavioral Finance,” Journal of Financial Economics, vol. 49, no. 3, 1998: Theoretical study of the “anomalies” caused by investor attitudes.
  3. Matthias Hild and Tim Laseter, “Reinhard Selten: The Thought Leader Interview,” s+b, Summer 2005: The Nobel Prize–winning theorist of the “winner’s curse.” Click here.
  4. Josef Lakonishok, Andrei Shleifer, and Robert Vishny, “Contrarian Investment, Extrapolation and Risk,” Journal of Finance, vol. 49, no. 5, 1994: Evidence that value strategies succeed because of the “suboptimal behavior of the typical investor.”
  5. James Montier, Behavioural Finance: A User’s Guide (John Wiley & Sons, 2002): Dense, informative overview by the director of global strategy at Dresdner Kleinwort Wasserstein in London.
  6. Michael Schrage, “Daniel Kahneman: The Thought Leader Interview,” s+b, Winter 2003: The Nobel Prize–winning theorist of the “law of small numbers.” Click here.
  7. Hersh Shefrin, Beyond Greed and Fear: Understanding Behavioral Finance and the Psychology of Investing (Harvard Business School Press, 2000): Practical introduction (with investment examples).
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