tag:blogger.com,1999:blog-1442434185979537871.post1722302380811574520..comments2023-10-06T20:38:20.901+05:30Comments on Value Investing and Indian Equities: The Milgram ExperimentsShankar Nathhttp://www.blogger.com/profile/16997782500816322572noreply@blogger.comBlogger11125tag:blogger.com,1999:blog-1442434185979537871.post-35392293795587363652011-05-05T20:24:46.403+05:302011-05-05T20:24:46.403+05:30DEAREST LAZY PERSON,
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I guess when it comes to applying this ...Good one!<br /><br />I guess when it comes to applying this to investing, retail investors, who follow value investing principles, can to a certain extent stay away from the noise and not get influenced. We have lesser opportunities to get influenced, at least as long as we don't watch TV or don't find every other respected value investor selling. <br /><br />Whereas this is very difficult for Mutual Fund managers, who, being swarmed by analysts and associates and group think, most cannot hold their ground. And anyway, they don't have a problem losing money. Their bigger problem is about losing the job!<br /><br />No wonder in most places, the value investors stay away from the center of action to shut off the noise.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1442434185979537871.post-45216270101511047522010-05-31T21:32:30.679+05:302010-05-31T21:32:30.679+05:30Good one!
I guess when it comes to applying this ...Good one!<br /><br />I guess when it comes to applying this to investing, retail investors, who are reasonably sensible and follow value investing principles, can to a certain extent stay away from the noise and not get influenced. We have lesser opportunities to get influenced. <br /><br />Whereas this is very difficult for Mutual Fund managers, who, being swarmed by analysts and associates and group think, most cannot hold their ground. And anyway, they don't have a problem losing money. Their bigger problem is about losing the job!<br /><br />No wonder in most places, the value investors stay away from the center of action to shut off the noise.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-1442434185979537871.post-6848312538666671142010-05-29T10:29:14.856+05:302010-05-29T10:29:14.856+05:30Hi Shankar
Influencers are all around us and par...Hi Shankar <br /><br />Influencers are all around us and part of our daily lives. Our wives influence our decisions, our children decide which toothpaste we use, our peer group influence which car we buy etc etc. <br /><br />I think the significance of the Milgram experiment more than influencers is the fact that as human beings we are wired to listen to authority. And the Milgram experiment points out that authority can overide our moral/ ethical framework and enable people to rationalise their actions. <br /><br />Cheers <br /><br />NinadNinad Kunderhttps://www.blogger.com/profile/14275940021296930028noreply@blogger.comtag:blogger.com,1999:blog-1442434185979537871.post-50271984786029711242010-05-28T16:35:04.283+05:302010-05-28T16:35:04.283+05:30Hi Ninad,
True, the Milgram experiment was infamo...Hi Ninad,<br /><br />True, the Milgram experiment was infamously inspired by the WW2 episodes. The experiment was specifically designed to show the violent nature of humans upon the presence of an authority figure. Politics is a prime example. Another unfortunate event I can think of is the Jim Jones mass suicide in the 1970s.<br /><br />When I put myself on the chair and if someone asks me if I'd electrocut a person - I will say no way .. and yet the truth is - in every experiment conducted over 50% of the people have pressed the 450-volt button. <br /><br />A more 'humane' quasi-Milgram experiment happens each day with us. <br />1. When the boss comes around the office and says, "I like Mr. X's proposal but I'll leave the decision to you" (he is like the experimenter who says nothing but says a lot)<br />2. In our movie preferences, when a movie critic who writes for the national daily can easily swing the movie going audience and can be the difference between a movie grossing 10 crores or 20 crores.<br /><br />They dont push the button, we do. But we sure are influenced by them.<br /><br />Regards,<br />ShankarShankar Nathhttps://www.blogger.com/profile/16997782500816322572noreply@blogger.comtag:blogger.com,1999:blog-1442434185979537871.post-71841352668551379072010-05-28T16:20:58.415+05:302010-05-28T16:20:58.415+05:30Hi Shankar
The Milgram experiment created a lot ...Hi Shankar <br /><br />The Milgram experiment created a lot of controvery bcos there is a darker side to the experiment. <br /><br />You can justify a lot things keeping this as the basis. For ex it opens up the loop whether down the line officers in Nazi Germany were guilty or merely following orders in the Holocaust. <br /><br />I think u r back on the blog after a long time. <br /><br />Cheers <br /><br />NinadNinad Kunderhttps://www.blogger.com/profile/14275940021296930028noreply@blogger.comtag:blogger.com,1999:blog-1442434185979537871.post-5078312029387249802010-05-28T09:42:53.622+05:302010-05-28T09:42:53.622+05:30Hi Shankar,
Yes, i totally agree with u..i see thi...Hi Shankar,<br />Yes, i totally agree with u..i see this type of anchoring (52-week wala) all around..a lot of people are like, price has gone up 3 times from 52 week low..how can one buy now?!!<br />People therefore start looking for stocks 'near 52 week low'..well thats a bad way to start lookin for stocks, coz usually there wud be a reason they r at '52 week low', isnt it? :-D Most people are not interested in this reasoning. the fact that it is at 52 week low is enuf for them..do keep posting on such topics..<br />cheers!<br />NeerajNeeraj Marathehttps://www.blogger.com/profile/03486291069433987277noreply@blogger.comtag:blogger.com,1999:blog-1442434185979537871.post-31702580458478113122010-05-28T09:33:03.777+05:302010-05-28T09:33:03.777+05:30Hi Neeraj,
Was a pleasure reading your blog.
Yes...Hi Neeraj,<br /><br />Was a pleasure reading your blog.<br /><br />Yes, Predictably Irrational is an excellent book and can be applied to different management areas. The part I really liked was the 'relativity' concept. More specifically the pricing of The Economist where a decoy was used to entice people towards the more expensive option. <br /><br />Similarly there is anchoring. I recently read a newspaper article which attempted to prove how expensive stocks have become. They used the 52-week low to support their point. What they have done is to use the 52wk low as an anchor and people start avoiding these scrip as they were 'relatively' cheaper an year back .... But then as time goes by, they get adjusted to their new reality and the 52-week low increases. Assume stock A is available at 50 with a 52wk low of 20. So you avoid it. The stock starts doing really well and two years later you find that the stock price is 60 and the 52wk low is 57. You will be enticed to purchase the stock at 60, irrespective of any changes to the business fundamentals. A classic case of anchoring.<br /><br />This is my case why stock screeners should avoid a high bias on 52-week lows .. although i must add, that it requires discipline to completely negate that number. Its a tough anchor.<br /><br />I'm available at shankarnath@gmail.com<br /><br />Regards<br />ShankarShankar Nathhttps://www.blogger.com/profile/16997782500816322572noreply@blogger.comtag:blogger.com,1999:blog-1442434185979537871.post-22779956208032327562010-05-28T09:06:27.970+05:302010-05-28T09:06:27.970+05:30Hi Shankar,
I am quite sure, u must have read '...Hi Shankar,<br />I am quite sure, u must have read 'Predictably Irrational'..its an amazing book, do read it in case you havnt..<br />Really nice to see you posting on such topics man..<br />Cheers!<br />Neeraj<br />P.S. Whats ur email id? Mine is research.neeraj@gmail.comNeeraj Marathehttps://www.blogger.com/profile/03486291069433987277noreply@blogger.com