Sep 26, 2026 · 1 hr 5 min · 12 segments
***Running Against the Herd*** is not only a new book title in the investment genre, but its content is also for any leader, CEO, or manager who makes decisions for a living. While much of the…
Eddie PerkinGuest
Mark GandyHost
My first observation, so the first few chapters, there's actually quite a few, you talk about these 18 biases.
and also maybe the way we won't sell or sell too fast, my interpretation is this felt a little bit, a little bit like a Guy Spear book.
I draw upon my experience having spent 25 years in asset management, leading investment teams at both Goldman Sachs and Eaton Vance, and the things I learned along the way and some of the processes we implemented, many of which were responses to the various cognitive biases that we all have.
A lot of it is focused on – a lot of it is written – the writing, it's well written.
There's a lot that has been written on behavioral finance, but a lot of it's from academics.
There are, depending on your source, there are roughly 200 distinctive biases that have been identified.
Why do we make certain decisions when they seem suboptimal? It's a new school of economic thought.
But taking that theory and applying it in a pragmatic way to actual real money decisions that professional investors are making, is where I felt like I had something original to say.
And each chapter briefly summarizes the academic history of that bias, but then gets into some original stories to illustrate the concept.
And then, very importantly, three specific solutions that we used at Eaton, Vance, and Goldman Sachs to combat that bias and turn what is a vice into a virtue.
My first observation, so the first few chapters, there's actually quite a few, you talk about these 18 biases.
and also maybe the way we won't sell or sell too fast, my interpretation is this felt a little bit, a little bit like a Guy Spear book.
I draw upon my experience having spent 25 years in asset management, leading investment teams at both Goldman Sachs and Eaton Vance, and the things I learned along the way and some of the processes we implemented, many of which were responses to the various cognitive biases that we all have.
A lot of it is focused on – a lot of it is written – the writing, it's well written.
There's a lot that has been written on behavioral finance, but a lot of it's from academics.
There are, depending on your source, there are roughly 200 distinctive biases that have been identified.
Why do we make certain decisions when they seem suboptimal? It's a new school of economic thought.
But taking that theory and applying it in a pragmatic way to actual real money decisions that professional investors are making, is where I felt like I had something original to say.
And each chapter briefly summarizes the academic history of that bias, but then gets into some original stories to illustrate the concept.
And then, very importantly, three specific solutions that we used at Eaton, Vance, and Goldman Sachs to combat that bias and turn what is a vice into a virtue.
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