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Mean Markets and Lizard Brains: How to Profit from the New Science of Irrationality


Praise for Mean Markets and Lizard Brains

"You can win the battle with your own brain."
Investor's Business Daily

"A useful guide to avoiding poverty."
—Financial Times

"Most investors lose money time and again, and they never understand why. They think the market makes no sense, and—guess what—it doesn't, at least to most humans. But to the great lizard brain, all is clear. Successful traders and investors know what the lizard knows. They understand and exploit the very things that Terry Burnham teaches you in this book. Now it's your turn to 'get it.' When you finally do, mean markets will turn into friendly ones."
—Robert R. Prechter, author of Socionomics: The Science of History and Social Prediction

"Mean Markets and Lizard Brains translates neuroeconomics and cutting-edge theories of human behavior into practical advice. While the causes of costly decisions often lie outside our conscious awareness, they need not remain a mystery. The writing is provocative and insightful."
—Professor Vernon L. Smith, Nobel Prize winner in Economics

"A lively and entertaining account of the emerging field of neuroeconomics, where Fear and Greed meet Nature, red in tooth and claw, with some surprisingly practical implications for individual investors, portfolio managers, and other market prognosticators."
—Andrew W. Lo, Harris & Harris Group Professor, MIT Sloan School of Management, and Director of MIT's Laboratory for Financial Engineering

Terry Burnham is a leader in the application of biology to economics and finance. He is the Director of Economics at Acadian Asset Management LLC, and a research scientist at Harvard University. He was an economics professor at Harvard for many years, and has been an active and extremely successful participant in the financial markets for over twenty years. Dr. Burnham has a PhD in business economics from Harvard University, a master's in finance from MIT, an MS in computer science from San Diego State University, and a BS in biophysics from the University of Michigan. He is also a coauthor of the international bestseller Mean Genes: From Sex to Money to Food, Taming Our Primal Instincts.

Preface to the New Edition.

Preface to the First Edition.


Chapter One: Introduction: Mean Markets and Lizard Brains.

Part One: The New Science of Irrationality.

Chapter Two: Crazy People: Lizard Brains and the New Science of Irrationality.

Chapter Three: Crazy World: Mean Markets and the New Science of Irrationality.

Part Two: The Old Art of Macroeconomics.

Chapter Four: U.S. Economic Snapshot: America the Talented Debtor.

Chapter Five: Inflation: Rising Prices and Shrinking Dollars.

Chapter Six: Deficits and Dollars: Uncle Sam the International Beggar.

Part Three: Applying Science and Art to Bonds, Stocks, and Real Estate.

Chapter Seven: Bonds: Are They Only for Wimps?

Chapter Eight: Stocks: For the Long Run or for Losers?

Chapter Nine: Real Estate: Live in Your Home; Make Your Money at Work.

Part Four: Profiting from the New Science of Irrationality.

Chapter Ten: Timeless Advice: How to Shackle the Lizard Brain.

Chapter Eleven: Timely Advice: Investing in the Meanest of Markets .