36: Dr. Daniel Crosby – 10 Commandments of Investing Success - a podcast by Sam Marks & Johnny FD

from 2017-01-11T16:05:33

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Daniel Crosby is a PHD, and Psychologist, and behavioral finance expert who helps organizations understand the intersection of mind and markets. He joins us on this episode to discuss the 10 commandments of investing success he outlines in his New York Times Best-Selling book titled “The Laws of Wealth: Psychology and The Secret to Investing Success”.

In this episode, we learn from Dan’s experience and research while drilling down on finance through the lens of psychology. We also learn about Dr. Crosby’s perspective on the financial advisory industry, where it is going in the future, and how robo-advisors are changing the marketplace.

Twitter: @danielcrosby

Daniel’s firm: www.nocturnecapital.com

Books:

Dr. Daniel Crosby: The Laws of Wealth

Robert B. Cialdini - Influence

Robo-Advisors

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Youtube Video Presentation:

The Ten Commandments:

You control what matters most.
You cannot do this alone.
Trouble is opportunity.
If you’re excited, it’s a bad idea.
You are not special.
Your life is the best benchmark.
Forecasting is for weathermen.
Excess is never permanent.
Diversification means always having to say you’re sorry.
Risk is not a squiggly line.

Show Notes:

05:20 - Apply social science to improve money management
06:40 – Financial advisor’s future
07:20 - Control what matters most (1)
09:12 – You can not do this alone (2)
14:50 – How to choose a financial advisor
18:37 – Trouble is opportunity (3)
24:30 – Being excited is a bad idea (4)
26:45 – You’re not that special (5)
28:55 – Your life is a bench mark (6)
32:00 – Ease of access to trading
34:20 – Forecasting is for weathermen (7)
38:15 - Diversification means always having to say you’re sorry (9)
39:16 – Excess is never permanent (8)
43:10 – Risk is not a squiggly line (10)
45:01 – Daniels personal portfolio
46:20 – Robo-advisor vs Financial advisor
53:20 – The best investors are the lazy ones
54:40 – Being a better goalie
58:00 – When the stock market crashes
1:03:00 – Sams big secret
1:06:20 – Facebook stock

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