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	<title>Greenbackd &#187; Behavioral economics</title>
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	<description>Identifying undervalued activist situations</description>
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		<title>Greenbackd &#187; Behavioral economics</title>
		<link>http://greenbackd.com</link>
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		<item>
		<title>Short your national stock market</title>
		<link>http://greenbackd.com/2011/07/06/short-your-national-stock-market/</link>
		<comments>http://greenbackd.com/2011/07/06/short-your-national-stock-market/#comments</comments>
		<pubDate>Wed, 06 Jul 2011 04:00:34 +0000</pubDate>
		<dc:creator>greenbackd</dc:creator>
				<category><![CDATA[Behavioral economics]]></category>

		<guid isPermaLink="false">http://greenbackd.com/?p=5147</guid>
		<description><![CDATA[Another one for the annals of behavioral finance. From Handbook of the Economics of Finance, Chapter 18, A Survey Of Behavioral Finance by Nicholas BARBERIS, and Richard THALER, University of Chicago: 7.1 Insufficient diversification A large body of evidence suggests that investors diversify their portfolio holdings much less than is recommended by normative models of portfolio choice. First, investors exhibit a [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=greenbackd.com&amp;blog=5581605&amp;post=5147&amp;subd=greenbackd&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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		<title>Michael Mauboussin on WealthTrack</title>
		<link>http://greenbackd.com/2011/06/28/michael-mauboussin-on-wealthtrack/</link>
		<comments>http://greenbackd.com/2011/06/28/michael-mauboussin-on-wealthtrack/#comments</comments>
		<pubDate>Tue, 28 Jun 2011 04:00:21 +0000</pubDate>
		<dc:creator>greenbackd</dc:creator>
				<category><![CDATA[About]]></category>
		<category><![CDATA[Behavioral economics]]></category>
		<category><![CDATA[Contrarian investment]]></category>
		<category><![CDATA[Value Investment]]></category>
		<category><![CDATA[Behavioral investing]]></category>
		<category><![CDATA[Michael Mauboussin]]></category>
		<category><![CDATA[Value investing]]></category>

		<guid isPermaLink="false">http://greenbackd.com/?p=5143</guid>
		<description><![CDATA[Michael Mauboussin appeared Friday on Consuelo Mack&#8217;s WealthTrack to discuss several of the ideas in his excellent book, Think Twice. Particularly compelling is his story about Triple Crown prospect Big Brown and the advantage of the &#8220;outside view&#8221; &#8211; the statistical one &#8211; over the &#8220;inside view&#8221; &#8211; the specific, anecdotal one (excerpted from the book): June 7, 2008 was a [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=greenbackd.com&amp;blog=5581605&amp;post=5143&amp;subd=greenbackd&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://greenbackd.com/2011/06/28/michael-mauboussin-on-wealthtrack/feed/</wfw:commentRss>
		<slash:comments>3</slash:comments>
	
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		<title>Greenbackd Contrarian Value Portfolio Update</title>
		<link>http://greenbackd.com/2010/09/16/greenbackd-contrarian-value-portfolio-update-2/</link>
		<comments>http://greenbackd.com/2010/09/16/greenbackd-contrarian-value-portfolio-update-2/#comments</comments>
		<pubDate>Thu, 16 Sep 2010 04:00:53 +0000</pubDate>
		<dc:creator>greenbackd</dc:creator>
				<category><![CDATA[About]]></category>
		<category><![CDATA[Behavioral economics]]></category>
		<category><![CDATA[Stocks]]></category>
		<category><![CDATA[Value Investment]]></category>
		<category><![CDATA[Contrarian investing]]></category>

		<guid isPermaLink="false">http://greenbackd.com/?p=4732</guid>
		<description><![CDATA[In a post in late November last year, Testing the performance of price-to-book value, I set up a hypothetical equally-weighted portfolio of the cheapest price-to-book stocks with a positive P/E ratio discovered using the Google Screener, which I called the “Greenbackd Contrarian Value Portfolio&#8221;. The hypothetical portfolio is based on Josef Lakonishok, Andrei Shleifer, and Robert Vishny’s (&#8220;LSV&#8221;) Two-Dimensional [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=greenbackd.com&amp;blog=5581605&amp;post=4732&amp;subd=greenbackd&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://greenbackd.com/2010/09/16/greenbackd-contrarian-value-portfolio-update-2/feed/</wfw:commentRss>
		<slash:comments>8</slash:comments>
	
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			<media:title type="html">Portfolio</media:title>
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		<title>Counterintuitive strategies for hedge fund holdings</title>
		<link>http://greenbackd.com/2010/08/24/counterintuitive-hedge-fund-holdings/</link>
		<comments>http://greenbackd.com/2010/08/24/counterintuitive-hedge-fund-holdings/#comments</comments>
		<pubDate>Tue, 24 Aug 2010 04:00:25 +0000</pubDate>
		<dc:creator>greenbackd</dc:creator>
				<category><![CDATA[Behavioral economics]]></category>
		<category><![CDATA[Stocks]]></category>
		<category><![CDATA[Behavioral investing]]></category>

		<guid isPermaLink="false">http://greenbackd.com/?p=4606</guid>
		<description><![CDATA[Zero Hedge has a great post on the quarterly Goldman Hedge Fund Trend Monitor. The most interesting aspect of the piece is the relative performance of stocks with the highest concentration of hedge fund holders against the performance of stocks with the lowest concentration of hedge fund holders: We define “concentration” as the share of [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=greenbackd.com&amp;blog=5581605&amp;post=4606&amp;subd=greenbackd&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>0</slash:comments>
	
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		<title>Richard H. Thaler on Overconfidence in Forecasting</title>
		<link>http://greenbackd.com/2010/08/23/richard-h-thaler-on-overconfidence-in-forecasting/</link>
		<comments>http://greenbackd.com/2010/08/23/richard-h-thaler-on-overconfidence-in-forecasting/#comments</comments>
		<pubDate>Mon, 23 Aug 2010 04:00:27 +0000</pubDate>
		<dc:creator>greenbackd</dc:creator>
				<category><![CDATA[About]]></category>
		<category><![CDATA[Behavioral economics]]></category>
		<category><![CDATA[Richard Thaler]]></category>

		<guid isPermaLink="false">http://greenbackd.com/?p=4602</guid>
		<description><![CDATA[Richard H. Thaler, Chicago School economist and co-author (along with Werner F.M. DeBondt) of Further Evidence on Investor Overreaction and Stock Market Seasonality, and the “Thaler” in Fuller &#38; Thaler Asset Management, has written an opinion piece for the NYTimes.com &#8220;The Overconfidence Problem in Forecasting.&#8221; Thaler says: BUSINESSES in nearly every industry were caught off guard by the [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=greenbackd.com&amp;blog=5581605&amp;post=4602&amp;subd=greenbackd&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://greenbackd.com/2010/08/23/richard-h-thaler-on-overconfidence-in-forecasting/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	
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		<title>ROIC and reversion to the mean: Part 3</title>
		<link>http://greenbackd.com/2010/04/27/roic-and-reversion-to-the-mean-part-3/</link>
		<comments>http://greenbackd.com/2010/04/27/roic-and-reversion-to-the-mean-part-3/#comments</comments>
		<pubDate>Tue, 27 Apr 2010 04:01:36 +0000</pubDate>
		<dc:creator>greenbackd</dc:creator>
				<category><![CDATA[About]]></category>
		<category><![CDATA[Behavioral economics]]></category>
		<category><![CDATA[Contrarian investment]]></category>
		<category><![CDATA[Net Current Asset Value]]></category>
		<category><![CDATA[Net Quick Stocks]]></category>
		<category><![CDATA[Net Quick Value]]></category>
		<category><![CDATA[Stocks]]></category>
		<category><![CDATA[Value Investment]]></category>
		<category><![CDATA[Mean reversion]]></category>

		<guid isPermaLink="false">http://greenbackd.com/?p=4107</guid>
		<description><![CDATA[Recently I&#8217;ve been discussing Michael Mauboussin’s December 2007 Mauboussin on Strategy, “Death, Taxes, and Reversion to the Mean; ROIC Patterns: Luck, Persistence, and What to Do About It,” (.pdf) about Mauboussin’s research on the tendency of return on invested capital (ROIC) to revert to the mean (See Part 1 and Part 2). Mauboussin’s report has significant [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=greenbackd.com&amp;blog=5581605&amp;post=4107&amp;subd=greenbackd&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://greenbackd.com/2010/04/27/roic-and-reversion-to-the-mean-part-3/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	
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			<media:title type="html">Mauboussin 3 1</media:title>
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			<media:title type="html">Mauboussin 3 2</media:title>
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			<media:title type="html">Mauboussin 3 3</media:title>
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		<title>One for the annals of behavioral finance</title>
		<link>http://greenbackd.com/2010/04/23/one-for-the-annals-of-behavioral-finance/</link>
		<comments>http://greenbackd.com/2010/04/23/one-for-the-annals-of-behavioral-finance/#comments</comments>
		<pubDate>Fri, 23 Apr 2010 04:00:14 +0000</pubDate>
		<dc:creator>greenbackd</dc:creator>
				<category><![CDATA[About]]></category>
		<category><![CDATA[Behavioral economics]]></category>
		<category><![CDATA[Value Investment]]></category>
		<category><![CDATA[Behavioral investing]]></category>
		<category><![CDATA[Value investing]]></category>

		<guid isPermaLink="false">http://greenbackd.com/?p=4097</guid>
		<description><![CDATA[Oh dear (Daily Reckoning via Guru Focus): 04/21/10 Gaithersburg, Maryland – Ken Heebner’s CGM Focus Fund was the best US stock fund of the past decade. It rose 18% a year, beating its nearest rival by more than three percentage points. Yet according to research by Morningstar, the typical investor in the fund lost 11% [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=greenbackd.com&amp;blog=5581605&amp;post=4097&amp;subd=greenbackd&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>1</slash:comments>
	
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		<title>Uncommon lessons from Phil Fisher</title>
		<link>http://greenbackd.com/2010/03/18/uncommon-lessons-from-phil-fisher/</link>
		<comments>http://greenbackd.com/2010/03/18/uncommon-lessons-from-phil-fisher/#comments</comments>
		<pubDate>Thu, 18 Mar 2010 07:30:04 +0000</pubDate>
		<dc:creator>greenbackd</dc:creator>
				<category><![CDATA[About]]></category>
		<category><![CDATA[Behavioral economics]]></category>
		<category><![CDATA[Contrarian investment]]></category>
		<category><![CDATA[Stocks]]></category>
		<category><![CDATA[Value Investment]]></category>
		<category><![CDATA[Philip A Fisher]]></category>
		<category><![CDATA[Value investing]]></category>

		<guid isPermaLink="false">http://greenbackd.com/?p=3831</guid>
		<description><![CDATA[In the Introduction to my 2003 copy of Philip A. Fisher&#8217;s Common Stocks and Uncommon Profits and Other Writings, his son, Kenneth L. Fisher, recounts a story about his father that has stuck with me since I first read it. For me, it speaks to Phil Fisher&#8217;s eclectic genius, and quirky sense of humor: But one [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=greenbackd.com&amp;blog=5581605&amp;post=3831&amp;subd=greenbackd&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>10</slash:comments>
	
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		<title>Dreaming of electric sheep</title>
		<link>http://greenbackd.com/2010/02/25/dreaming-of-electric-sheep/</link>
		<comments>http://greenbackd.com/2010/02/25/dreaming-of-electric-sheep/#comments</comments>
		<pubDate>Thu, 25 Feb 2010 05:01:05 +0000</pubDate>
		<dc:creator>greenbackd</dc:creator>
				<category><![CDATA[About]]></category>
		<category><![CDATA[Behavioral economics]]></category>
		<category><![CDATA[Quantitative investment]]></category>
		<category><![CDATA[Stocks]]></category>
		<category><![CDATA[Quant]]></category>
		<category><![CDATA[Quantitative]]></category>

		<guid isPermaLink="false">http://greenbackd.com/?p=3637</guid>
		<description><![CDATA[One of the most interesting ideas suggested by Ian Ayers&#8217;s book Super Crunchers is the role of humans in the implementation of a quantitative investment strategy. As we know from Andrew McAfee’s Harvard Business Review blog post, The Future of Decision Making: Less Intuition, More Evidence, and James Montier’s 2006 research report, Painting By Numbers: An Ode To Quant, in context [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=greenbackd.com&amp;blog=5581605&amp;post=3637&amp;subd=greenbackd&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>2</slash:comments>
	
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		<title>Walking the talk: Applying back-tested investment strategies in practice</title>
		<link>http://greenbackd.com/2010/02/17/walking-the-talk-applying-back-tested-strategies-in-practice/</link>
		<comments>http://greenbackd.com/2010/02/17/walking-the-talk-applying-back-tested-strategies-in-practice/#comments</comments>
		<pubDate>Wed, 17 Feb 2010 05:03:39 +0000</pubDate>
		<dc:creator>greenbackd</dc:creator>
				<category><![CDATA[About]]></category>
		<category><![CDATA[Behavioral economics]]></category>
		<category><![CDATA[Contrarian investment]]></category>
		<category><![CDATA[Liquidation Value]]></category>
		<category><![CDATA[Net Current Asset Value]]></category>
		<category><![CDATA[Net Quick Stocks]]></category>
		<category><![CDATA[Quantitative investment]]></category>
		<category><![CDATA[Stocks]]></category>
		<category><![CDATA[Value Investment]]></category>
		<category><![CDATA[Liquidation]]></category>
		<category><![CDATA[NCAV]]></category>
		<category><![CDATA[Net Net]]></category>
		<category><![CDATA[Net Net Stock]]></category>
		<category><![CDATA[Net Quick Value]]></category>
		<category><![CDATA[Quantitative]]></category>

		<guid isPermaLink="false">http://greenbackd.com/?p=3579</guid>
		<description><![CDATA[Aswath Damodaran, a Professor of Finance at the Stern School of Business, has an interesting post on his blog Musings on Markets, Transaction costs and beating the market. Damodaran&#8217;s thesis is that transaction costs &#8211; broadly defined to include brokerage commissions, spread and the &#8220;price impact&#8221; of trading (which I believe is an important issue [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=greenbackd.com&amp;blog=5581605&amp;post=3579&amp;subd=greenbackd&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
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		<slash:comments>8</slash:comments>
	
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