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Praise for
Mean Markets “Conventional finance axioms—no-frills rationality and maximizing happy campers—are found wanting. In his wonderful Mean Markets and Lizard Brains, Terry Burnham shows you why. Comingling biology and finance has never been so entertaining.” —Jamil Baz, Head of Global Rates Research, Deutsche Bank “A fascinating application of evolutionary theory that revolutionizes our understanding of how financial markets behave. I have already altered my own portfolio allocation after reading this book. If you read it, I am sure you will too.” —Nitin Nohria, Richard P. Chapman Professor, Harvard Business School and coauthor of Driven: How Human Nature Shapes Our Choices “Mean Markets and Lizard Brains should be required reading for every Wall Street professional whether in sales, trading, research, or corporate finance. It reveals that individuals often act irrationally for a very rational reason; they have inherited a thought process that goes way back to the days of hunter-gatherers so that brains are built to be out of sync with rational financial decision making. Understanding this profound message should allow investors to improve performance and make fewer mistakes. This is a fascinating book that is certain to become a must read for every investor in the financial markets.” —Sadek Wahba, Managing Director, Morgan Stanley
Mean Markets and Lizard Brains
HOW TO PROFIT FROM THE NEW SCIENCE OF IRRATIONALITY
Terry Burnham John Wiley & Sons, Inc.
Copyright © 2005 by Terry Burnham. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey Published simultaneously in Canada No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted unde