Behavioral Finance

Behavioral Finance
July 2026

Once Bitten: Why Investors Won’t Buy Back a Stock That Burned Them

Essentia Analytics

Clare Flynn Levy

Research

7 Pages

Essentia Analytics explores why investors often refuse to repurchase stocks they previously sold at a loss, even when fundamentals improve.

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Active Management
June 2026

The Myth of Consistency

Virtus Investment Partners

Research

3 Pages

Virtus Investment Partners argues that long term fund winners rarely look like winners in every short window.

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Markets
August 2024

Mind the Gap 2024

Morningstar

Jeffrey Ptak

Research

20 Pages

This report examines how investor behavior—specifically, the timing of purchases and redemptions—creates a persistent gap between fund returns and investor returns.

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Markets
May 2024

Improving investing outcomes by minimizing investor bias

Vanguard

Tom De Luca

Research

5 Pages

Vanguard explores how cognitive biases can impede investment decision-making and offers strategies to mitigate their impact.

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Markets
July 2023

Taking the Temperature

Oaktree

Howard Marks

Article

1 Pages

Oaktree explains how successful market calls come less from forecasting economies and more from recognizing extremes in investor psychology.

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Alternative Assets
February 2023

Cost averaging: Invest now or temporarily hold your cash?

Vanguard

Megan Finlay, Josef Zorn

Research

11 Pages

Vanguard examines whether investors should invest a lump sum immediately or spread contributions over time.

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Portfolio Management
July 2022

I Beg to Differ

Oaktree

Howard Marks

Article

1 Pages

Oaktree Capital explores why consistently outperforming requires thinking differently from the crowd rather than simply following consensus.

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Miscellaneous
May 2020

Uncertainty II

Oaktree

Howard Marks

Research

7 Pages

Oaktree Capital explains why uncertainty is an unavoidable part of investing and why demanding certainty before acting can become a costly mistake.

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Miscellaneous
May 2020

Uncertainty

Oaktree

Howard Marks

Research

13 Pages

Oaktree Capital examines why uncertainty is unavoidable in investing and argues that acknowledging its limits can lead to better decision making.

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Markets
June 2019

This Time It’s Different

Oaktree

Howard Marks

Research

13 Pages

Oaktree Capital examines the dangerous investing mindset behind the phrase “this time it’s different.” Howard Marks evaluates nine popular market narratives and explains why optimism often pushes prices beyond intrinsic value.

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Global Macroeconomics
January 2016

What Does the Market Know?

Oaktree

Howard Marks

Research

9 Pages

Oaktree Capital explores whether investors should treat market price movements as informed signals or emotional reactions.

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Global Macroeconomics
January 2016

On the Couch

Oaktree

Howard Marks

Research

16 Pages

Oaktree Capital Management examines how investor psychology, rather than changing fundamentals, often drives market behavior and pricing.

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Portfolio Management
September 2015

It’s Not Easy

Oaktree

Howard Marks

Research

15 Pages

Oaktree explains why consistently outperforming in investing is inherently difficult because markets adapt, competition eliminates easy opportunities, and superior results require uncommon thinking.

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Financial History
March 2012

Déjà Vu All Over Again

Oaktree

Howard Marks

Research

11 Pages

Oaktree Capital explains why investors should study history instead of assuming recent market trends will continue indefinitely.

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Markets
October 2008

The Limits to Negativism

Oaktree

Howard Marks

Research

10 Pages

Oaktree examines how extreme investor pessimism can create opportunity by separating probable outcomes from emotional narratives during financial crises.

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Financial History
September 2007

Now It’s All Bad?

Oaktree

Howard Marks

Research

15 Pages

Oaktree examines how excessive leverage, easy liquidity, and shifting investor psychology turned a contained subprime mortgage problem into a broader credit crisis.

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Miscellaneous
July 2007

It’s All Good… Really?

Oaktree

Howard Marks

Research

10 Pages

Oaktree Capital Management explains how small financial shocks can spread through markets when leverage, psychology, and interconnected risks amplify their effects.

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Economics
May 2004

Us and Them

Oaktree

Howard Marks

Research

9 Pages

Oaktree Capital Management explores the fundamental differences between investors who believe they can forecast markets and those who embrace uncertainty.

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Markets
January 2000

Bubble.com

Oaktree

Howard Marks

Research

14 Pages

Oaktree Capital Management examines how speculative market bubbles develop, using the South Sea Bubble to draw striking parallels with the late 1990s technology boom.

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Markets
May 1995

How the Game Should Be Played

Oaktree

Howard Marks

Research

3 Pages

Oaktree Capital Management explains why successful investing should prioritize consistency and downside protection over bold predictions or headline grabbing wins.

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Markets
April 1991

First Quarter Performance

Oaktree

Howard Marks

Research

3 Pages

Oaktree Capital Management explains how investor psychology drives markets between extremes of fear and optimism, creating recurring valuation opportunities.

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