{"id":513,"date":"2010-09-24T13:04:38","date_gmt":"2010-09-24T17:04:38","guid":{"rendered":"http:\/\/www.intuitiveinvestor.com\/web\/?page_id=513"},"modified":"2025-09-09T13:01:45","modified_gmt":"2025-09-09T19:01:45","slug":"publications","status":"publish","type":"page","link":"https:\/\/jasonapollovoss.com\/web\/publications\/","title":{"rendered":"Publications"},"content":{"rendered":"

[et_pb_section fb_built=”1″ admin_label=”section” _builder_version=”4.16″ global_colors_info=”{}”][et_pb_row admin_label=”row” _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”Text” _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”]<\/p>\n

Throughout my career I have put my wisdom, intelligence, and energy into projects that advance the investment industry and people, more broadly. These include conducting with deception scientists history’s first scientific research into the deception detection capabilities of investment pros, the publication of\u00a0The Intuitive Investor: A Radical Guide for Manifesting Wealth<\/em> – meant to be the counterweight to the analytical The Intelligent Investor<\/em> by Benjamin Graham; publication of The Meditation Guide for Investment Professionals<\/em> – the first and still only guide authored to address the specific applications of meditation to helping investment professionals be more fulfilled and better at their jobs; the publication of\u00a0Lie Detection Guide: Theory & Practice for Investment Professionals<\/em>, and many other projects, too. Here is a list of my many long-format publications. [Yes, I love collaborating. If you are interested in working with me, please contact<\/span><\/a> me.]<\/span><\/span><\/p>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_divider _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ admin_label=”row” _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text admin_label=”Text” _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}”]<\/p>\n

\"\"<\/h4>\n

 <\/p>\n

[\/et_pb_text][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n

A Theory of Behavioral Finance<\/i><\/span><\/strong><\/h1>\n

\u2022A\u2022I\u2022M\u2022 Consulting, LLC<\/span><\/h4>\n

2 February 2021<\/span><\/span><\/span><\/p>\n

A criticism of behavioral finance is that it lacks an overarching theory. Namely, that it is just a long list of quirks and oddities logged by scientists about human behavior, but without an explanation for why they exist, or what to do with the insights revealed through the many experiments done in service to behavioral finance. Furthermore, a lack of a theory limits behavioral finance from making specific predictions about future outcomes. In turn, this means that behavioral finance is just short of being a science.<\/span><\/p>\n

This work seeks to rectify this situation, as well as to have behavioral finance replace the failed investment paradigm of Modern Portfolio Theory (MPT).<\/span><\/p>\n

\u00a0<\/span><\/p>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_divider _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/jasonapollovoss.com\/web\/wp-content\/uploads\/2019\/09\/ROAM.jpg” alt=”Return of the Active Manager” title_text=”ROAM” _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n

Return of the Active Manager: How to apply behavioral finance to renew and improve investment management<\/i><\/span><\/strong><\/h1>\n

Harriman House Publishing<\/span><\/h4>\n

Co-author: C. Thomas Howard<\/span><\/p>\n

29 October 2019<\/span><\/span><\/span><\/p>\n

In this groundbreaking book, investing and behavioral finance experts Thomas Howard and Jason A. Voss fill a void and show the new way ahead for investment managers and advisors. Return of the Active Manager provides a set of tools for investment professionals to overcome and take advantage of behavioral biases.<\/span><\/p>\n

Across seven compelling chapters, Return of the Active Manager details actionable advice on topics such as behaviorally-enhanced fundamental analysis, active equity fund evaluation and selection, harnessing big data, and investment firm structure. You learn how to exploit behavioral price distortions, how to recognize and avoid behavioral biases (in both yourself and clients), how to extract behavioral insights from the executives of prospective investments, and how manager behavior can be used to predict future fund performance.<\/span><\/p>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_divider _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/jasonapollovoss.com\/web\/wp-content\/uploads\/2018\/08\/Investment-Firm-of-the-Future.jpg” alt=”Investment Firm of the Future” title_text=”Investment Firm of the Future” _builder_version=”4.27.4″ _module_preset=”default” border_width_all=”1px” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n

Investment Firm of the Future: Alternative Business Models and Strategies for a More Forward-Thinking Industry<\/i><\/span><\/strong><\/h1>\n

CFA Institute<\/span><\/p>\n

Co-authors: Roger Urwin, Rebecca Fender, Robert Stammers<\/span><\/p>\n

1 <\/span>May 2018<\/span><\/span><\/p>\n

Investment firms face a future in which change is accelerating. In this report, we set out the changing landscape for investment management and analyze how firms can adapt their models to succeed in this fast-changing environment.<\/span><\/p>\n

\u00a0<\/span><\/p>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_divider _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/jasonapollovoss.com\/web\/wp-content\/uploads\/2018\/08\/Future-State-of-the-Investment-Profession.jpg” alt=”Future State of the Investment Profession” title_text=”Future State of the Investment Profession” _builder_version=”4.27.4″ _module_preset=”default” border_width_all=”1px” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n

Future State of the Investment Profession<\/i><\/span><\/strong><\/h1>\n

CFA Institute<\/span><\/p>\n

Co-authors: Roger Urwin, Rebecca Fender, Robert Stammers<\/span><\/p>\n

3\u00a0<\/span>April 2017<\/span><\/p>\n

The investment management industry is facing significant disruptive forces, internally and externally. Shifting regulatory environments and new macroeconomic conditions in addition to current trends in digitization and commoditization and new tech-centric business models will necessitate changes in the industry.<\/span><\/p>\n

The Future State of the Investment Profession study explores what these changes might look like and identifies ways to influence the future state of the profession for best possible outcomes.<\/span><\/p>\n

\u00a0<\/span><\/p>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_divider _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/jasonapollovoss.com\/web\/wp-content\/uploads\/2018\/08\/Journal-of-Behavioral-Finance-Investment-Professionals-Ability-to-Detect-Deception-Accuracy-Bias-and-Metacognitive-Realism.jpg” alt=”Journal of Behavioral Finance – Investment Professionals’ Ability to Detect Deception: Accuracy, Bias and Metacognitive Realism” title_text=”Journal of Behavioral Finance – Investment Professionals Ability to Detect Deception – Accuracy Bias and Metacognitive Realism” _builder_version=”4.27.4″ _module_preset=”default” border_width_all=”1px” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n

“Investment Professionals’ Ability to Detect Deception: Accuracy, Bias and Metacognitive Realism”<\/span><\/strong><\/h1>\n

Journal of Behavioral Finance<\/em><\/span><\/p>\n

Co-authors: Maria Hartwig, PhD, Laure Brimbal, PhD, and D. Brian Wallace, PhD<\/span><\/p>\n

8 <\/span>February 2017<\/span><\/p>\n

In the first empirical study on the topic, the authors examined the ability of investment professionals to distinguish between truthful and deceptive statements. A random sample of 154 investment professionals made judgments about a series of truthful and deceptive statements, some of which involved financial fraud. Investment professionals’ lie detection accuracy was poor; participants performed no better than would be expected by chance. Accuracy in identifying lies about financial fraud was especially poor. Further, participants displayed poor metacognitive realism when assessing their own performance. The theoretical and practical implications for lie detection in the financial industry are discussed.<\/span><\/p>\n

 <\/p>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_divider _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/jasonapollovoss.com\/web\/wp-content\/uploads\/2018\/08\/Lie-Detection-Guide-Theory-and-Practice-for-Investment-Professionals.jpg” alt=”Lie Detection Guide – Theory and Practice for Investment Professionals” title_text=”Lie Detection Guide – Theory and Practice for Investment Professionals” _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n

Lie Detection Guide: Theory and Practice for Investment Professionals<\/i><\/span><\/strong><\/h1>\n

CFA Institute<\/span><\/p>\n

Co-author: Maria Hartwig, PhD<\/span><\/p>\n

22\u00a0<\/span>January 2017<\/span><\/p>\n

How can you tell truth from lies as an investment professional? Success for experienced fundamental investors frequently relies on critical conversations with the management of businesses whose securities you purchase. Even in private wealth management, success requires that you receive honest answers to important personal questions from your clients, such as whether they are risk averse or risk takers. CFA Institute worked with criminal justice professionals for more than five years to research and create the tools necessary for investment professionals to better discern truth from lies from those you rely on. Hint: Lie detection does not require a knowledge of body language cues\u2014this is a pan-cultural myth not verified by science. Lie Detection Guide: Theory and Practice for Investment Professionals explains what techniques work and how you can apply those every day.<\/span><\/p>\n

\u00a0<\/span>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_divider _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/jasonapollovoss.com\/web\/wp-content\/uploads\/2025\/09\/Meditation-Guide-for-Investment-Professionals_web.png” alt=”Meditation Guide for Investment Professionals” title_text=”Meditation Guide for Investment Professionals_web” _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n

Meditation Guide for Investment Professionals<\/i><\/span><\/strong><\/h1>\n

CFA Institute<\/span><\/p>\n

24 <\/span>August 2016<\/span><\/p>\n

Why is meditation relevant to investment managers? It can help reduce stress, improve mental focus and creativity, promote ethical behavior, and overcome behavioral biases. The CFA Institute Meditation Guide seeks to provide an interactive, engaging environment in which investment professionals can explore the benefits of a meditation practice.<\/span><\/p>\n

Fifty-nine percent of the CFA Institute global membership has expressed interest in meditation. Because our goal is to provide our members with tools and resources to help manage their needs in an ever-changing industry, bringing to light the impact a successful meditation practice can have on the career of an investment professional is necessary. This guide, which explains and promotes the benefits of meditation, can serve as a framework for the beginnings of a meditation practice for investment professionals.<\/span><\/p>\n

\u00a0<\/span>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_divider _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/jasonapollovoss.com\/web\/wp-content\/uploads\/2021\/08\/Investment-Idea-Generation-Guide.png” alt=”Investment Idea Generation Guide” title_text=”Investment Idea Generation Guide” _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n

Investment Idea Generation Guide<\/i><\/span><\/strong><\/h1>\n

CFA Institute<\/span><\/p>\n

Co-author: Sloane Ortel<\/span><\/p>\n

11 <\/span>December 2015<\/span><\/p>\n

CFA Institute\u2019s Investment Idea Generation Guide is a first-of-its-kind-anywhere guide to help investment professionals develop that most precious of things: a unique investment idea. After all, if you want to earn higher investment returns than your peers, you must do what they (and you) are not doing already. But how do you do this? If you are having difficulty identifying new investment ideas, it\u2019s not because the world got smaller and less complex; it is likely because how you look at the world has become less flexible, more ritualized, and less creative. So, the Investment Idea Generation Guide provides practical tools for investment professionals to activate and improve their creativity, because doing what no one else is doing is creativity. Creativity = alpha.<\/span><\/p>\n

Every topic in the CFA\u00ae Program curriculum assumes that you already have an investment idea that you then subject to the classic tools of financial analysis. But what about the initial idea itself? Where does that come from? Our new Investment Idea Generation Guide can help redress this oversight.<\/span><\/p>\n

\u00a0<\/span>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_divider _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/jasonapollovoss.com\/web\/wp-content\/uploads\/2018\/08\/Journal-of-Behavioral-Finance-Detecting-Lies-in-the-Financial-Industry-A-Survey-of-Investment-Professionals-Beliefs.jpg” alt=”Journal of Behavioral Finance – Detecting Lies in the Financial Industry: A Survey of Investment Professionals’ Beliefs” title_text=”Journal of Behavioral Finance – Detecting Lies in the Financial Industry – A Survey of Investment Professionals Beliefs” _builder_version=”4.27.4″ _module_preset=”default” border_width_all=”1px” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n

“Detecting Lies in the Financial Industry: A Survey of Investment Professionals’ Beliefs”<\/span><\/strong><\/h1>\n

Journal of Behavioral Finance<\/em><\/span><\/p>\n

Co-authors: Maria Hartwig, PhD and D. Brian Wallace, PhD<\/span><\/p>\n

27 <\/span>July 2015<\/span><\/p>\n

Research suggests that interpersonal deception is a common phenomenon in many settings. However, to date no research has examined lying and lie detection in the financial industry. This paper presents an empirical examination of investment professionals’\u200b beliefs about deception. We obtained survey data from 607 CFA Institute charter holders across the world. Three aspects of deception were included in the survey. First, respondents’ beliefs about the behavioral characteristics of lying were examined. Second, perceptions of the prevalence of lies in professional and everyday life were mapped. Third, respondents were asked to estimate their ability to distinguish between lies and truths. The results showed that respondents subscribed to common misconceptions about deceptive behavior, in particular the beliefs that liars are gaze aversive and fidgety. Respondents believed that lying occurs on a daily basis, and that their accuracy in detecting lies exceeds 65%. Previous research suggests that this estimate may be overconfident. Implications of these results and directions for future research on deception in the financial industry are discussed.<\/span><\/p>\n

<\/span><\/p>\n

\u00a0<\/span><\/p>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_divider _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/jasonapollovoss.com\/web\/wp-content\/uploads\/2018\/08\/Journal-of-Behavioral-Finance-Investment-Archetypes.jpg” alt=”Investment Archetypes” title_text=”Journal of Behavioral Finance – Investment Archetypes” _builder_version=”4.27.4″ _module_preset=”default” border_width_all=”1px” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n

“Investment Archetypes”<\/span><\/strong><\/h1>\n

Journal of Behavioral Finance<\/em><\/span><\/p>\n

27 February <\/span>2013<\/span><\/p>\n

Priming is a well-researched phenomenon in behavioral finance. A form of priming is the susceptibility of the mind to archetypes, or generalizations of businesses and individuals. Investment archetypes can lead to faulty decision making.<\/span><\/p>\n

\u00a0<\/span><\/p>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_divider _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/jasonapollovoss.com\/web\/wp-content\/uploads\/2018\/08\/Valuation-Techniques-Discounted-Cash-Flow-Earnings-Quality-Measures-of-Value-Added-and-Real-Options.jpg” alt=”Valuation Techniques – Discounted Cash Flow – Earnings Quality – Measures of Value Added – and Real Options” title_text=”Valuation Techniques – Discounted Cash Flow – Earnings Quality – Measures of Value Added – and Real Options” _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n

Valuation Techniques: Discounted Cash Flow, Earnings Quality, Measures of Value Added, and Real Options<\/i><\/span><\/strong><\/h1>\n

John Wiley<\/span><\/p>\n

6 <\/span>November 2012<\/span><\/p>\n

Co-edited with David T. Larrabee, CFA.<\/span><\/p>\n

Valuation is the cornerstone of investment analysis, and a thorough understanding and correct application of valuation methodologies are critical for long-term investing success. Properly applied, valuation techniques can help investors distinguish between price and value, a critical distinction from which excess returns flow. Edited by two leading valuation experts from CFA Institute, this book brings together the insights and expertise of some of the most astute and successful investment minds of the past 50 years. From Benjamin Graham, the “father of value investing,” to Aswath Damodaran, you’ll learn what these investment luminaries have to say about investment valuation techniques, including earnings and cash flow analysis. As you read the chapters in this book, you will gain an appreciation for the evolution of valuation thought, and in the process, you will acquire a framework for understanding future innovations in the field.<\/span><\/p>\n

\u00a0<\/span>[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_divider _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/jasonapollovoss.com\/web\/wp-content\/uploads\/2020\/05\/Journal-of-Private-Equity-The-Fallacy-of-Price-to-Earnings-Growth-Ratios.jpg” title_text=”Journal of Private Equity – The Fallacy of Price to Earnings Growth Ratios” _builder_version=”4.27.4″ _module_preset=”default” border_width_all=”1px” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n

“The Fallacy of Price\/Earnings to Growth Ratios”<\/strong><\/span><\/h1>\n

The Journal of Private Equity<\/em><\/span><\/p>\n

15 September 2011<\/span><\/p>\n

Price\/earnings to growth (PEG) ratios are based on mathematics, but shockingly, the PEG ratio is only accurate under a very specific set of circumstances that are rarely ever met in the investment market place.<\/span><\/p>\n

 <\/p>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_divider _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_divider][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_image src=”https:\/\/jasonapollovoss.com\/web\/wp-content\/uploads\/2018\/08\/IntuitiveInvestor.jpg” title_text=”IntuitiveInvestor” _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}”]<\/p>\n

The Intuitive Investor: A Radical Guide for Manifesting Wealth<\/i><\/strong><\/span><\/h1>\n

1 October 2010<\/span><\/p>\n

Nominated as a finalist for Book of the Year Award by Foreword Reviews from amongst 1,400 entries.<\/a><\/span><\/em><\/span><\/p>\n

On October 21, 2004, I had a true epiphany: there was going to be a near-collapse on Wall Street and I should retire to exclusively pursue a spiritual practice. In electing to honor my vision I gave up a career in which the mutual fund I co-managed bested the NASDAQ by 77.0%, the S&P 500 by 49.1%, and the DJIA by 35.9%. Most of this success came from a deep understanding of the mind and its capacity for creative and intuitive thought. These secrets and their real-world application are the specific focus and passion of The Intuitive Investor. The book is about much more than just investing, The Intuitive Investor is also a guide to healthy, mindful living. Scarcely have money, mind, and spirit been brought together so potently.<\/span><\/p>\n

Download a Sample Chapter of The Intuitive Investor: A Radical Guide for Manifesting Wealth<\/a> (127kb pdf)<\/span><\/p>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"

Throughout my career I have put my wisdom, intelligence, and energy into projects that advance the investment industry and people, more broadly. These include conducting with deception scientists history’s first scientific research into the deception detection capabilities of investment pros, the publication of\u00a0The Intuitive Investor: A Radical Guide for Manifesting Wealth – meant to be […]<\/p>\n","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":2,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"Throughout Jason Apollo Voss, CFA's career he has put his wisdom, intelligence, and energy into projects that advance the investment industry. These include with deception scientists conducting history's first scientific research into the deception detection capabilities of investment pros, and the publication of\u00a0Lie Detection Guide: Theory & Practice for Investment Professionals<\/em>.<\/span>\r\n\r\n<\/span>\r\n\r\nTypically he chooses projects that are unlike any other offerings available from other sources. For example, along with some of the globe's most important criminal justice professionals he conducted history's first lie detection research in the investment industry. Similarly, no book had ever been written about the subject of generating investment ideas, which led to the publication of an industry-first guide, The Investment Idea Generation Guide<\/em>. Likewise, no tome exists that identifies the powerful benefits of meditation for investment professionals, which led to the creation of the online course,\u00a0Meditation Guide for Investment Professionals.<\/em> Last, his book,\u00a0The Intuitive Investor: A Radical Guide for Manifesting Wealth<\/em> was the industry's first book about the critical, but often overlooked, power of intuition in aiding investment decision-making.<\/span>\r\n\r\n[one_half]<\/span>\r\n\r\n \r\n

\"\"<\/h4>\r\n[\/one_half][one_half_last]<\/span>\r\n

A Theory of Behavioral Finance<\/i><\/h4>\r\n

\u2022A\u2022I\u2022M\u2022 Consulting, LLC<\/h4>\r\n

2 February 2021<\/span><\/span><\/span><\/p>\r\n

A criticism of behavioral finance is that it lacks an overarching theory. Namely, that it is just a long list of quirks and oddities logged by scientists about human behavior, but without an explanation for why they exist, or what to do with the insights revealed through the many experiments done in service to behavioral finance. Furthermore, a lack of a theory limits behavioral finance from making specific predictions about future outcomes. In turn, this means that behavioral finance is just short of being a science.<\/p>\r\n

This work seeks to rectify this situation, as well as to have behavioral finance replace the failed investment paradigm of Modern Portfolio Theory (MPT).<\/p>\r\n \r\n\r\n[\/one_half_last]<\/span>\r\n\r\n \r\n\r\n[one_half]<\/span>\r\n\r\n\"Return<\/a>\r\n\r\n[\/one_half][one_half_last]<\/span>\r\n\r\n \r\n

Return of the Active Manager: How to apply behavioral finance to renew and improve investment management<\/i><\/h4>\r\n

Harriman House Publishing<\/h4>\r\nCo-author: C. Thomas Howard<\/span>\r\n

29 October 2019<\/span><\/span><\/span><\/p>\r\n

In this groundbreaking book, investing and behavioral finance experts Thomas Howard and Jason A. Voss fill a void and show the new way ahead for investment managers and advisors. Return of the Active Manager provides a set of tools for investment professionals to overcome and take advantage of behavioral biases.<\/p>\r\nAcross seven compelling chapters, Return of the Active Manager details actionable advice on topics such as behaviorally-enhanced fundamental analysis, active equity fund evaluation and selection, harnessing big data, and investment firm structure. You learn how to exploit behavioral price distortions, how to recognize and avoid behavioral biases (in both yourself and clients), how to extract behavioral insights from the executives of prospective investments, and how manager behavior can be used to predict future fund performance.\r\n\r\n \r\n\r\n[\/one_half_last]<\/span>\r\n\r\n[one_half]<\/span>\"Investment\r\n\r\n[\/one_half]<\/span>\r\n\r\n[one_half_last]<\/span>\r\n

Investment Firm of the Future: Alternative Business Models and Strategies for a More Forward-Thinking Industry<\/span><\/em><\/h4>\r\nCFA Institute\r\n\r\nCo-authors: Roger Urwin, Rebecca Fender, Robert Stammers<\/span>\r\n

1 <\/span>May 2018<\/span><\/span><\/p>\r\n

Investment firms face a future in which change is accelerating. In this report, we set out the changing landscape for investment management and analyze how firms can adapt their models to succeed in this fast-changing environment.<\/span><\/p>\r\n
[\/one_half_last]<\/span>\r\n\r\n[one_half]<\/span>\r\n\r\n\"Future\r\n\r\n[\/one_half]<\/span>\r\n\r\n[one_half_last]<\/span>\r\n

Future State of the Investment Profession<\/em><\/span><\/h4>\r\nCFA Institute<\/span>\r\n\r\nCo-authors: Roger Urwin, Rebecca Fender, Robert Stammers<\/span>\r\n

3\u00a0<\/span>April 2017<\/span><\/p>\r\n

The investment management industry is facing significant disruptive forces, internally and externally. Shifting regulatory environments and new macroeconomic conditions in addition to current trends in digitization and commoditization and new tech-centric business models will necessitate changes in the industry.<\/span><\/p>\r\nThe Future State of the Investment Profession study explores what these changes might look like and identifies ways to influence the future state of the profession for best possible outcomes.<\/span>\r\n\r\n
[\/one_half_last]<\/span>\r\n\r\n[one_half]<\/span>\r\n\r\n\"Journal\r\n\r\n[\/one_half]<\/span>\r\n\r\n[one_half_last]<\/span>\r\n

\"Investment Professionals' Ability to Detect Deception: Accuracy, Bias and Metacognitive Realism\"<\/span><\/h4>\r\nJournal of Behavioral Finance<\/em><\/span>\r\n\r\nCo-authors: Maria Hartwig, PhD, Laure Brimbal, PhD, and D. Brian Wallace, PhD<\/span>\r\n

8 <\/span>February 2017<\/span><\/p>\r\n

In the first empirical study on the topic, the authors examined the ability of investment professionals to distinguish between truthful and deceptive statements. A random sample of 154 investment professionals made judgments about a series of truthful and deceptive statements, some of which involved financial fraud. Investment professionals' lie detection accuracy was poor; participants performed no better than would be expected by chance. Accuracy in identifying lies about financial fraud was especially poor. Further, participants displayed poor metacognitive realism when assessing their own performance. The theoretical and practical implications for lie detection in the financial industry are discussed.<\/span><\/p>\r\n
[\/one_half_last]<\/span>\r\n\r\n[one_half]<\/span>\r\n\r\n\"Lie\r\n\r\n[\/one_half]<\/span>\r\n\r\n[one_half_last]<\/span>\r\n

Lie Detection Guide: Theory and Practice for Investment Professionals<\/em><\/span><\/h4>\r\nCFA Institute<\/span>\r\n\r\nCo-author: Maria Hartwig, PhD<\/span>\r\n

22\u00a0<\/span>January 2017<\/span><\/p>\r\n

How can you tell truth from lies as an investment professional? Success for experienced fundamental investors frequently relies on critical conversations with the management of businesses whose securities you purchase. Even in private wealth management, success requires that you receive honest answers to important personal questions from your clients, such as whether they are risk averse or risk takers. CFA Institute worked with criminal justice professionals for more than five years to research and create the tools necessary for investment professionals to better discern truth from lies from those you rely on. Hint: Lie detection does not require a knowledge of body language cues\u2014this is a pan-cultural myth not verified by science. Lie Detection Guide: Theory and Practice for Investment Professionals explains what techniques work and how you can apply those every day.<\/span><\/p>\r\n
[\/one_half_last]<\/span>\r\n\r\n[one_half]<\/span>\r\n\r\n\"Meditation\r\n\r\n[\/one_half]<\/span>\r\n\r\n[one_half_last]<\/span>\r\n

Meditation Guide for Investment Professionals<\/em><\/span><\/h4>\r\nCFA Institute<\/span>\r\n

24 <\/span>August 2016<\/span><\/p>\r\n

Why is meditation relevant to investment managers? It can help reduce stress, improve mental focus and creativity, promote ethical behavior, and overcome behavioral biases. The CFA Institute Meditation Guide seeks to provide an interactive, engaging environment in which investment professionals can explore the benefits of a meditation practice.<\/span><\/p>\r\nFifty-nine percent of the CFA Institute global membership has expressed interest in meditation. Because our goal is to provide our members with tools and resources to help manage their needs in an ever-changing industry, bringing to light the impact a successful meditation practice can have on the career of an investment professional is necessary. This guide, which explains and promotes the benefits of meditation, can serve as a framework for the beginnings of a meditation practice for investment professionals.<\/span>\r\n\r\n
[\/one_half_last][one_half]<\/span>\r\n\r\n\"Investment<\/a>\r\n\r\n[\/one_half]<\/span>\r\n\r\n[one_half_last]<\/span>\r\n

Investment Idea Generation Guide<\/em><\/span><\/h4>\r\nCFA Institute<\/span>\r\n\r\nCo-author: Sloane Ortel<\/span>\r\n

11 <\/span>December 2015<\/span><\/p>\r\n

CFA Institute\u2019s Investment Idea Generation Guide is a first-of-its-kind-anywhere guide to help investment professionals develop that most precious of things: a unique investment idea. After all, if you want to earn higher investment returns than your peers, you must do what they (and you) are not doing already. But how do you do this? If you are having difficulty identifying new investment ideas, it\u2019s not because the world got smaller and less complex; it is likely because how you look at the world has become less flexible, more ritualized, and less creative. So, the Investment Idea Generation Guide provides practical tools for investment professionals to activate and improve their creativity, because doing what no one else is doing is creativity. Creativity = alpha.<\/span><\/p>\r\nEvery topic in the CFA\u00ae Program curriculum assumes that you already have an investment idea that you then subject to the classic tools of financial analysis. But what about the initial idea itself? Where does that come from? Our new Investment Idea Generation Guide can help redress this oversight.<\/span>\r\n\r\n
[\/one_half_last]<\/span>\r\n\r\n[one_half]<\/span>\r\n\r\n\"Journal\r\n\r\n[\/one_half]<\/span>\r\n\r\n[one_half_last]<\/span>\r\n

\"Detecting Lies in the Financial Industry: A Survey of Investment Professionals' Beliefs\"<\/span><\/h4>\r\nJournal of Behavioral Finance<\/em><\/span>\r\n\r\nCo-authors: Maria Hartwig, PhD and D. Brian Wallace, PhD<\/span>\r\n

27 <\/span>July 2015<\/span><\/p>\r\n

Research suggests that interpersonal deception is a common phenomenon in many settings. However, to date no research has examined lying and lie detection in the financial industry. This paper presents an empirical examination of investment professionals'\u200b beliefs about deception. We obtained survey data from 607 CFA Institute charter holders across the world. Three aspects of deception were included in the survey. First, respondents' beliefs about the behavioral characteristics of lying were examined. Second, perceptions of the prevalence of lies in professional and everyday life were mapped. Third, respondents were asked to estimate their ability to distinguish between lies and truths. The results showed that respondents subscribed to common misconceptions about deceptive behavior, in particular the beliefs that liars are gaze aversive and fidgety. Respondents believed that lying occurs on a daily basis, and that their accuracy in detecting lies exceeds 65%. Previous research suggests that this estimate may be overconfident. Implications of these results and directions for future research on deception in the financial industry are discussed.<\/span><\/p>\r\n
[\/one_half_last]<\/span>\r\n\r\n[one_half]<\/span>\r\n\r\n\"Journal\r\n\r\n[\/one_half]<\/span>\r\n\r\n[one_half_last]<\/span>\r\n

\"Investment Archetypes\"<\/span><\/h4>\r\nJournal of Behavioral Finance<\/em><\/span>\r\n

27 February <\/span>2013<\/span><\/p>\r\n

Priming is a well-researched phenomenon in behavioral finance. A form of priming is the susceptibility of the mind to archetypes, or generalizations of businesses and individuals. Investment archetypes can lead to faulty decision making.<\/span><\/p>\r\n
[\/one_half_last]<\/span>\r\n\r\n[one_half]<\/span>\r\n\r\n\"Valuation\r\n\r\n[\/one_half]<\/span>\r\n\r\n[one_half_last]<\/span>\r\n

Valuation Techniques: Discounted Cash Flow, Earnings Quality, Measures of Value Added, and Real Options<\/em><\/span><\/h4>\r\nJohn Wiley<\/span>\r\n

6 <\/span>November 2012<\/span><\/p>\r\n

Co-edited with David T. Larrabee, CFA.<\/span><\/p>\r\n

Valuation is the cornerstone of investment analysis, and a thorough understanding and correct application of valuation methodologies are critical for long-term investing success. Properly applied, valuation techniques can help investors distinguish between price and value, a critical distinction from which excess returns flow. Edited by two leading valuation experts from CFA Institute, this book brings together the insights and expertise of some of the most astute and successful investment minds of the past 50 years. From Benjamin Graham, the \"father of value investing,\" to Aswath Damodaran, you'll learn what these investment luminaries have to say about investment valuation techniques, including earnings and cash flow analysis. As you read the chapters in this book, you will gain an appreciation for the evolution of valuation thought, and in the process, you will acquire a framework for understanding future innovations in the field.<\/span><\/p>\r\n
[\/one_half_last]<\/span>\r\n\r\n[one_half]<\/span>\r\n\r\n\"Journal\r\n\r\n[\/one_half]<\/span>\r\n\r\n[one_half_last]<\/span>\r\n\r\n\"The Fallacy of Price\/Earnings to Growth Ratios\"<\/strong><\/span>\r\n\r\nThe Journal of Private Equity<\/em><\/span>\r\n\r\n15 September 2011<\/span>\r\n\r\nPrice\/earnings to growth (PEG) ratios are based on mathematics, but shockingly, the PEG ratio is only accurate under a very specific set of circumstances that are rarely ever met in the investment market place.<\/span>\r\n\r\n
[\/one_half_last]<\/span>\r\n\r\n\u00a0<\/span>\r\n\r\n[one_half]<\/span>\r\n\r\n\"The\r\n\r\n[\/one_half]<\/span>\r\n\r\n[one_half_last]<\/span>\r\n\r\nThe Intuitive Investor:\r\nA Radical Guide for Manifesting Wealth<\/em><\/strong><\/span>\r\n\r\n1 October 2010<\/span>\r\n\r\nNominated as a finalist for Book of the Year Award by Foreword Reviews from amongst 1,400 entries.<\/a><\/span><\/em><\/span>\r\n\r\nOn October 21, 2004, I had a true epiphany: there was going to be a near-collapse on Wall Street and I should retire to exclusively pursue a spiritual practice. In electing to honor my vision I gave up a career in which the mutual fund I co-managed bested the NASDAQ by 77.0%, the S&P 500 by 49.1%, and the DJIA by 35.9%. Most of this success came from a deep understanding of the mind and its capacity for creative and intuitive thought. These secrets and their real-world application are the specific focus and passion of The Intuitive Investor. The book is about much more than just investing, The Intuitive Investor is also a guide to healthy, mindful living. Scarcely have money, mind, and spirit been brought together so potently.<\/span>\r\n\r\nDownload a Sample Chapter of The Intuitive Investor: A Radical Guide for Manifesting Wealth<\/a> (127kb pdf)<\/span>
[\/one_half_last]<\/span>\r\n\r\n\u00a0<\/span>","_et_gb_content_width":"","footnotes":""},"class_list":["post-513","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/jasonapollovoss.com\/web\/wp-json\/wp\/v2\/pages\/513","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jasonapollovoss.com\/web\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/jasonapollovoss.com\/web\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/jasonapollovoss.com\/web\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/jasonapollovoss.com\/web\/wp-json\/wp\/v2\/comments?post=513"}],"version-history":[{"count":0,"href":"https:\/\/jasonapollovoss.com\/web\/wp-json\/wp\/v2\/pages\/513\/revisions"}],"wp:attachment":[{"href":"https:\/\/jasonapollovoss.com\/web\/wp-json\/wp\/v2\/media?parent=513"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}