27: The Habits of Behavioral Finance With Gil Baumgarten

Strategic Financial Leadership

In the past year, the stock market has made headlines with its unexpected ebbs and flows, signaling to people who otherwise had their money elsewhere to try their hand at investing, while setting off alarms of panic in others. With the feeling of so much riding on each decision you make with your money, ‘weathering the storm’ that is the stock market certainly tests the resilience of the investor and their funds. Natural responses of fight or flight, risk versus reward and confirmation biases all play a part in how far an investment can go, as well as just simply knowing the rules around fees and taxes on investments. This ‘behavioral finance’ is what Gil Baumgarten explores in his new book, Foolish: How Investors Get Worked Up and Worked Over by the System.
Beginning his career at the venerable EF Hutton in the early 1980s, Gil became a top portfolio manager for UBS and Citigroup Smith Barney, becoming one of only a handful of professional money managers with a 15-year all-ETF portfolio track record. After decades of working with brokerage firms and feeling more like a number with dollar signs and less like a true advocate for his clients, he transitioned to working independently, starting his firm Segment Wealth Management in 2010 as a Fiduciary Financial Advisor.
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Gil's book: https://gilbaumgarten.com/book/