Dinge, die ich mir wieder ansehe

Marco Aldeanueva

@marcogoeslong

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These are the papers I actually go back to when I’m stuck between a busted DCF and a busted pool shot. Heavy on anomalies, a little behavioral, and just enough theory to pretend I’m rigorous. Think of it as my intellectual Cuban sandwich: messy, overstuffed, but it gets the job done. Verdicts included, because of course the equity guy has takes.

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Dinge, die ich mir wieder ansehe — 9 items
Name	Topic	My take
1Prospect Theory: An Analysis of Decision under Risk (Kahneman & Tversky, 1979)	People hate losses more than they like gains, and think in relative, not absolute, terms.	Explains every panicked sell order I’ve ever watched on a red day. And a few of my own. Verdict: strong buy.
2Do Stock Prices Move Too Much to be Justified by Subsequent Changes in Dividends? (Shiller, 1981)	Market prices are way more volatile than future dividends can rationally explain.	The polite academic way of saying ‘yeah, this is all a little nuts.’ Great reality check. Verdict: buy.
3Limits of Arbitrage (Shleifer & Vishny, 1997)	Why mispricings can persist because arbitrageurs are human, capital-constrained, and scared of red ink.	Required reading before you call something a ‘risk-free trade’ in front of anyone who knows math. Verdict: buy and highlight.
4A Model of Investor Sentiment (Barberis, Shleifer & Vishny, 1998)	Formal behavioral model where investors underreact then overreact to news.	Basically a stylized chart of every meme stock I’ve ever hate-watched. Verdict: buy if you like pain.
5Trading Is Hazardous to Your Wealth (Barber & Odean, 2000)	Individual investors who trade a lot underperform those who chill.	Shows that your hyperactive brokerage app is probably your worst enemy. Yes, mine too. Verdict: buy, then stop trading.
6Does the Stock Market Overreact? (De Bondt & Thaler, 1985)	Loser stocks tend to outperform winners, suggesting systematic overreaction.	Gives you permission to dumpster-dive in ugly charts, with caveats. Verdict: cautious buy.
7Noise Trader Risk in Financial Markets (De Long et al., 1990)	Noise traders can move prices and scare off rational arbitrageurs.	Explains how vibes can move markets longer than my risk budget can stay solvent. Verdict: buy for humility.
8Corporate Governance and Equity Prices (Gompers, Ishii & Metrick, 2003)	Stronger shareholder rights associated with higher valuations and better performance.	Turns ‘good governance’ from ESG fluff into something you can actually plug into a model. Verdict: buy.
9The Disposition to Sell Winners Too Early and Ride Losers Too Long (Shefrin & Statman, 1985)	Investors lock in gains and cling to losers because of mental accounting and loss aversion.	Reads like a diary of my first year with a brokerage account. Verdict: buy and then stick it on your monitor.

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