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Daniel Crosby: 'If You're Excited About It, It's Probably a Bad Idea'

The psychologist and author discusses making big financial decisions in times of emotional extremes, how risk-taking can affect asset allocation, and his thoughts on just-in-time education.

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Our guest on the podcast today is psychologist and author Dr. Daniel Crosby. Daniel is the chief behavioral officer at Orion Advisor Solutions. Daniel has written numerous books on behavioral finance, including The Behavioral Investor, The Laws of Wealth: Psychology and The Secret to Investor Success, and You're Not That Great. Daniel also hosts his own podcast called Standard Deviations. He received his Bachelor of Science and doctorate at Brigham Young University.

Background

Bio

The Behavioral Investor, by Daniel Crosby

The Laws of Wealth: Psychology and the Secret to Investor Success, by Dr. Daniel Crosby

You’re Not That Great, by Daniel Crosby, Ph.D.

Standard Deviations podcast

Orion Advisor Solutions

Current Environment

3 Tips to Handle Financial Peer Pressure With Ease,” ally.com, Aug. 18, 2021.

Loneliness and Social Isolation as Risk Factors for Mortality: A Meta-Analytic Review,” by Julianne Holt-Lunstad and Timothy Smith, scholarsarchive.byu.edu, 2015.

Episode #337: Professor Richard Thaler, University of Chicago, ‘When Somebody Would Fire Us, It Was Almost Always at Exactly the Wrong Time,’” The Meb Faber Show podcast, mebfaber.com, Aug. 4, 2021.

Help Wanted: How Investor Behavior Is Rewriting the Job Description of Financial Professionals,” Natixis Global Survey of Individual Investors, fa-mag.com, 2016.

Orion Advisor Technology

Betterment

Jason Zweig: Temperament Is Everything for Most Investors,” The Long View podcast, Morningstar.com, June 29, 2021.

Pandemic

The Strange Psychology of COVID-19 and Investor Behavior,” by Daniel Crosby, Kiplinger.com, Aug. 11, 2020.

Daniel Crosby: Investing Rules for Uncertain Times,” by Daniel Crosby, investec.com, June 4, 2020.

When It Rains,” by Daniel Crosby, blog.brinkercapital.com, 2020.

How COVID-19 Will Impact the Future of Investor Behavior,” by Daniel Crosby, blog.brinkercapital.com, 2020.

Behavioral Finance and Investing

Daniel Crosby on the Three E’s of Behavioral Investing,” financialplanningassociation.org, August 2021.

The BIG List of Behavioral Nudges,” by Daniel Crosby, blog.brinkercapital.com, 2019.

Robert Shiller: 'Wild West' Mentality Is Gripping Housing, Stocks and Crypto,” by Stephanie Landsman, cnbc.com, May 24, 2021.

Dr. Daniel Crosby’s Three Drivers of Human Behavior,” E-book by Daniel Crosby, orionadvisortech.com.

The Formula for Happiness: Wanting What You Have,” by Daniel Crosby, blog.brinkercapital.com, 2019.

Can Money Buy Happiness? Sort Of,” by Daniel Crosby, linkedin.com, July 19, 2016.

What Is the PERMA Model?” corporatefinanceinstitute.com.

Denise Shull

Daniel Kahneman

Standard Deviations Podcast

Christine Benz--Goals Based Approaches to Retirement,” Standard Deviations podcast with Daniel Crosby, standarddeviationspod.com, April 11, 2019.

Morgan Housel--The Psychology of Money,” Standard Deviations podcast with Daniel Crosby, standarddeviationspod.com, Sept. 4, 2019.

Jim O’Shaughnessy--What Works on Wall Street,” Standard Deviations podcast with Daniel Crosby, podcasts.apple.com, Aug. 14, 2019.