Today, we present the first article of a series on the psychology of the investor to set the picture type of the rational investor.
The text is excerpted from Mickael Mangot: "6 psychological errors that are costly.
" Portrait of rational investor
(...) Here is a picture of what could be the rational investor par excellence. Obviously, this is a chimera largely inaccessible to ordinary mortals. Nevertheless, its usefulness is not zero. You can also use it as a model to which it would be wise to tender. We present its behavior in different situations.
1. The rational investor and the choice of broker
Before choosing a broker, investor rational (IR) compared all brokers that may be of interest based on two main criteria: rates (fees brokerage and custodial fees) and access information. The IR knows how a seemingly small difference in the amount of brokerage fee (say 0.4%) may result in the long term performance. He also knows how the information is important. It is therefore willing to pay extra to have a privileged access to quality information, such as recommendations of analysts. The IR can even have multiple accounts title only multiply its sources of information.
His choice is never final. On the contrary! The selected broker is constantly in competition with others and if he ceases to be competitive, the IR changes immediately. "
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