Crowd behaviour is what draws the charts
Sir, it was quiet refreshing to see an article on behavioural finance. Behavioural Finance essentially is the academic answer to technical analysis. It attemps to formalise behaviours based on statistics and observations of human behaviour. Technical analysis does the same thing via its chart patterns and indicators. Recall that the writings of Dow and Elliott all based their pattern analysis on how crowds reacted to price, volume and news.
While some technical analysts would disagree, that sentiment is directly part of our field, it is clear that sentiment, crowd behaviour, as well as the underlying fundamentals, is what draws the charts, that both technical analysts behaviour-finance based analysts attempt to interpret. To me, technical analysis is the tool and behavioural finance is the theory. Both firmly reject the already and rightfully much maligned random walk theory.

Steven W. Poser, President,

Poser Global Market Strategies,

123 Fawn Hill Road, Upper Saddle River, NJ 07458, US

Leserbrief an die FT


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>Crowd behaviour is what draws the charts
>Sir, it was quiet refreshing to see an article on behavioural finance. Behavioural Finance essentially is the academic answer to technical analysis. It attemps to formalise behaviours based on statistics and observations of human behaviour. Technical analysis does the same thing via its chart patterns and indicators. Recall that the writings of Dow and Elliott all based their pattern analysis on how crowds reacted to price, volume and news.
>While some technical analysts would disagree, that sentiment is directly part of our field, it is clear that sentiment, crowd behaviour, as well as the underlying fundamentals, is what draws the charts, that both technical analysts behaviour-finance based analysts attempt to interpret. To me, technical analysis is the tool and behavioural finance is the theory. Both firmly reject the already and rightfully much maligned random walk theory.
>Steven W. Poser, President,
>Poser Global Market Strategies,
>123 Fawn Hill Road, Upper Saddle River, NJ 07458, US
>Leserbrief an die FT

Perfect first try, man!

Go on, we need this kind of stuff and we need you!

d.


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... und vielen Dank für den FT-Text. Wir wollen mehr - sind immer noch aufnahmefähig!

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Das könnte eine interessante Diskussion geben!

Dr.B.,der Verfechter des Random Walk´s,müßte hier endlich mal aus der Reserve
gelockt werden.

Ein Wort noch zu untenstehender"Antwort"Diskussion.Die Aussage Dr.B.´s,
die Evolution wäre nicht zielgerichtet ist eine bloße Behauptung,die keineswegs
bewiesen werden kann.Darüberhinaus entspricht sie viel eher dem Geist des
Materialismus als den wissenschaftlichen Erkenntnissen der Neuzeit.

Philosophische Grüße

Das Orakel

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ach, wie wäre es doch schön, wenn Wirtschaftswissenschaftler und Naturwissenschaftler aus ihrer verborten Einsiedlerschaft entfliehen würden, und sich mit ihren Gedanken einmal aus ihrem Fachbereich entfernen würden. Was könnte sie damit alles lernen.

"Nur wer sich bewegt, spürt die Fesseln".

Dr.B.



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