What is *The Laws of Wealth* by Daniel Crosby about?

*The Laws of Wealth* explores behavioral finance, blending psychology with investment strategies to help readers overcome emotional biases. Dr. Crosby outlines 10 rules for self-management and market navigation, emphasizing discipline, risk management, and rules-based systems to achieve long-term financial success.

Who should read *The Laws of Wealth*?

This book is ideal for individual investors seeking to curb emotional decision-making, financial advisors addressing client biases, and anyone interested in behavioral economics. It’s particularly valuable for those aiming to align investment strategies with psychological insights.

Is *The Laws of Wealth* worth reading?

Yes—it was named **2017’s Best Investment Book** by the Axiom Business Book Awards and praised for its actionable frameworks. Reviews highlight its practicality in addressing investor psychology and mitigating common pitfalls like overtrading or panic selling.

What are the main behavioral finance principles in *The Laws of Wealth*?

Key principles include: - **Emotional discipline**: Avoiding reactive decisions during market volatility. - **Rules-based investing**: Automating choices to reduce bias. - **Long-term focus**: Prioritizing process over short-term outcomes. Crosby argues these principles help investors exploit systemic edges like value and momentum.

How does Daniel Crosby address market predictions in the book?

Crosby critiques market forecasting, noting experts’ poor accuracy (e.g., 1/170 chance of Wall Street predictions being within 5% of actual results). He advocates humility, diversification, and adherence to proven strategies rather than speculative bets.

What does “The House always wins” mean in *The Laws of Wealth*?

This metaphor underscores how casinos profit via consistent, rules-based systems—not luck. Similarly, investors “win” by sticking to disciplined strategies (e.g., dollar-cost averaging) that compound gains over time, avoiding emotional interference.

What criticism does *The Laws of Wealth* receive?

Some reviewers note the challenge of maintaining discipline during crises, as theoretical rules may clash with real-world panic. However, Crosby provides practical tools (e.g., pre-written investment plans) to bridge this gap.

How does *The Laws of Wealth* differ from traditional finance books?

Unlike technical guides, it focuses on **psychological barriers** to wealth-building. Crosby uses behavioral science and anecdotes (e.g., Isaac Newton’s investing failures) to explain why rational strategies often fail without emotional guardrails.

财富法则

心理学与投资成功的秘诀

丹尼尔·克罗斯比

4.02(436 Reviews)

《财富法则》概述

心理学家丹尼尔·克罗斯比（Daniel Crosby）博士的《财富法则》（*The Laws of Wealth*）揭示了为什么你的大脑会破坏你的投资。这本书因其幽默和清晰而受到财务顾问的赞誉，它是少数几本可能真正拯救你的投资组合——以及你的理智——的金融书籍。

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第 1 章

The Psychology of Money: How Behavioral Finance Can Make You Wealthy

Warren Buffett once said, "Success in investing doesn't correlate with IQ. Once you have ordinary intelligence, what you need is the temperament to control the urges that get other people in trouble." This insight captures the essence of Daniel Crosby's "The Laws of Wealth" - a book that has quietly revolutionized how financial advisors approach client psychology. While not as widely known as "Rich Dad, Poor Dad" or "The Intelligent Investor," Crosby's work has become required reading at major wealth management firms like Morgan Stanley and Merrill Lynch. The book's central premise is both simple and profound: the greatest obstacle to investment success isn't market volatility or picking the wrong stocks - it's you.

第 2 章

The Paradox of the Monkey in a Tuxedo

Imagine a monkey in a tuxedo - an amusing but ultimately awkward sight. According to Crosby, this is precisely how humans appear in financial markets. We're primates dressed up in formal investment attire, but fundamentally ill-equipped for the environment. The paradox is stark: we must invest in risky assets to survive financially, yet we're psychologically wired to make terrible investment decisions. The math makes this clear. Even high earners saving 10% annually for 40 years will fall short of retirement needs due to inflation and healthcare costs. This creates the necessity for investing in stocks and other growth assets. Yet the investing world operates by counterintuitive rules that clash with our evolutionary programming. In markets, the distant future is more predictable than tomorrow. Stock returns become more reliable over longer holding periods, yet we're wired for immediate feedback. Doing less typically yields better results than hyperactivity, as demonstrated by studies showing that forgotten accounts often outperform actively managed ones. Women investors consistently outperform men precisely because they trade 45% less frequently. This fundamental mismatch between human psychology and market realities creates what Crosby calls the "behavior gap" - the difference between market returns and what average investors actually earn. Studies show this gap ranges from 1.17% to 4.33% annually, a staggering difference when compounded over decades. The CGM Focus fund returned 18.2% annually from 2000-2010, yet its average investor lost 10% due to poor timing decisions. The lesson is clear: no investment skill can overcome bad behavior.

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第 3 章

The Value of a Behavioral Coach in Your Corner

Despite today's era of discount brokerages and robo-advisors, research confirms that competent financial advisors still earn their keep - not through stock selection but through behavioral coaching. Vanguard's research estimates advisors add roughly 3% annual value, particularly during periods of extreme fear or greed. Morningstar quantifies this "Gamma" (better financial decisions) at 1.82% annual outperformance, while other studies suggest behavioral coaching alone can prevent 2-3% in annual losses from poor timing decisions. The true value of financial advice comes primarily through behavioral coaching (150 basis points) rather than technical aspects like rebalancing (35 bps) or asset allocation (0-75 bps). During market downturns, investors often make emotionally-driven decisions that can devastate long-term returns. A skilled advisor acts as an emotional circuit breaker, preventing panic selling during crashes like 2008 or March 2020, while also tempering excessive optimism during bubbles. This psychological support proves especially crucial for retirees, who face heightened anxiety about market fluctuations affecting their income. This dynamic mirrors how a personal trainer ensures adherence to an exercise plan despite clients knowing what to do. Just as everyone understands the basics of fitness (eat well, exercise regularly), most investors know they should buy low and sell high - yet emotional discipline often fails without accountability. Research shows self-directed investors typically underperform their own investments by 1-2% annually due to poor timing decisions. When selecting an advisor, look beyond complexity and flashy marketing for someone who balances deep knowledge with rapport and sees behavioral coaching as their primary responsibility. Key qualities include: • A clear focus on long-term planning over short-term performance • Regular proactive communication, especially during market stress • The ability to explain complex concepts simply • A systematic approach to decision-making that removes emotion • Transparency about their role as a behavioral coach rather than just an investment picker The best advisors act as both technical experts and emotional counselors, helping clients stick to their financial plans through market cycles. Their greatest value often comes not from what they encourage clients to do, but what they prevent clients from doing in moments of panic or euphoria.

第 4 章

Reframing Market Downturns as Opportunities

Market corrections (10% drops) and bear markets (20% drops) aren't anomalies - they're features of a healthy market. From 1900-2013, the US market experienced 123 corrections, averaging one annually, while bear markets occur roughly every 3.5 years. This pattern has remained remarkably consistent across different economic cycles, wars, technological revolutions, and political shifts. Despite these regular downturns, markets have dramatically compounded wealth over time, with the S&P 500 delivering an average annual return of about 10% when including reinvested dividends. The damage from bear markets is often more behavioral than financial. Investors consistently pull money out at market bottoms, and professionals are equally guilty - mutual fund cash positions historically peak at market troughs. Studies show that the average investor underperforms the market by 2-4% annually due to poor timing decisions. Our subjective experience is precisely backward: markets feel scariest when they're actually safest, and most appealing when they're most dangerous. This psychological pattern played out during the dot-com bubble, when investors poured money into tech stocks at peak valuations, and again in 2008-2009, when many sold at the bottom. Research shows periods of high unemployment and transitions from "terrible to not-quite-so-terrible" often precede strong returns. For example, some of the best buying opportunities emerged during the 1970s stagflation, the early 1980s recession, and the 2008 financial crisis. The solution isn't to avoid volatility but to form reasonable expectations about it and view corrections as natural opportunities rather than catastrophes. Historical data shows that investors who maintained regular contributions during downturns significantly outperformed those who tried to time the market. Consider this perspective: during the 2008 financial crisis, when the world seemed to be ending, Warren Buffett wrote in The New York Times: "Be fearful when others are greedy, and be greedy when others are fearful." Those who followed this advice and invested at the market bottom in March 2009 saw their money triple over the next decade. Similar opportunities appeared after the 1987 crash, the 2000 tech bubble burst, and the 2020 COVID crash. Each time, investors who viewed the crisis as an opportunity rather than a catastrophe were rewarded handsomely. Smart investors prepare for downturns by maintaining appropriate asset allocation, building cash reserves for opportunities, and developing an investment policy statement that guides decision-making during volatile periods. They understand that market declines, while uncomfortable, are the mechanism through which long-term wealth is transferred from the impatient to the patient.

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第 5 章

The Emotional Sabotage of Investment Decisions

Our emotional state profoundly impacts financial decisions, yet we mistakenly view our brains as impartial computers. As psychologist Brett Steenbarger notes, "Often, it wasn't so much that under emotional conditions they doubted their rules; rather, they simply forgot them." The emotionally aroused investor becomes a stranger to both himself and his rules. Emotion particularly manifests through stories that bypass reason and head straight for the heart. The Significant Objects Project demonstrated this by selling $130 worth of garage sale junk for over $3,600 on eBay simply by attaching fictional backstories. This narrative power explains why IPOs, despite underperforming market benchmarks by 21% annually in their first three years, remain perpetually popular. Perhaps most destructively, emotion truncates our time horizon. Princeton researchers found that emotional excitement activates limbic brain structures, making subjects choose immediate rewards over larger delayed ones. While emotion serves important purposes in most areas of life, it must be ruthlessly expunged from investment decisions. Think about the last time you felt genuine excitement about an investment. Perhaps it was Bitcoin in 2017, tech stocks in the late 1990s, or real estate before 2008. How did those emotionally-driven investments perform? Crosby suggests that excitement itself should serve as a warning signal - if you're feeling exhilarated about an investment, it's probably time to walk away.

第 6 章

The Dangerous Delusion of Investment Specialness

Over 95% of people think they have better-than-average humor, and American students who rank middle-of-the-pack in global math proficiency lead the world in confidence about their abilities. This dangerous combination of mediocrity paired with overconfidence permeates the investment world, where studies show that 74% of fund managers believe they deliver above-average performance, despite mathematical impossibility. Even more telling, retail investors consistently rate their investment acumen in the top quartile, while their actual returns often lag market averages by 3-4% annually. Our tendency toward pride stems from well-documented cognitive errors: overconfidence bias and the fundamental attribution error. The latter makes us quick to integrate contextual cues into self-appraisals while judging others more harshly. In investing, this means crediting personal genius when stocks rise while blaming external factors when they fall - learning nothing in the process. For instance, when technology stocks soared in the late 1990s, investors routinely attributed gains to their superior stock-picking abilities. When the bubble burst in 2000, these same investors blamed market manipulation, Federal Reserve policies, or "irrational" markets rather than their own judgment errors. The greatest danger isn't overestimating our upside potential but underweighting negative probabilities. Studies show people overestimate positive life events by 15% while underestimating negative ones by 20%. This asymmetry proves particularly costly in financial markets, where catastrophic losses can wipe out years of gains. Consider how investors in Bernie Madoff's fund ignored obvious red flags, convinced that consistent 10-12% annual returns were possible even during market downturns. As J.K. Galbraith noted, "Fools, as it has long been said, are indeed separated, soon or eventually, from their money. So, alas, are those who, responding to a general mood of optimism, are captured by a sense of their own financial acumen." Ancient Romans wisely countered this tendency by placing a slave behind victorious generals in parades to whisper "Memento mori" (Remember you will die) - a behavioral intervention against excessive pride that modern investors would be wise to emulate. Modern equivalents might include keeping a record of all investment decisions and their rationale, regularly reviewing past mistakes, or maintaining a "pre-mortem" analysis of what could go wrong with each investment. Warren Buffett's practice of publicly acknowledging his investment mistakes in Berkshire Hathaway's annual letters serves as a contemporary example of this humility-enforcing discipline.

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第 7 章

Goals-Based Investing: The Antidote to Market Noise

Mirror neurons, discovered in the 1990s, explain why we instinctively mimic others' behaviors, from crying at movies to cringing at others' discomfort. This neurological mechanism, essential for human empathy and social learning, becomes problematic in investing when it drives us to mirror others' financial decisions without considering our unique circumstances. While this social mimicry builds community and helps us navigate social situations, it makes us particularly vulnerable as investors when we focus on keeping up with others rather than meeting our own specific financial needs. Goals-based investing - measuring performance against personal needs rather than market indices - provides a powerful framework for maintaining focus during market volatility. During the 2008 financial crisis, research showed that 60% of traditional investors liquidated or significantly reduced their positions, locking in substantial losses. In contrast, 75% of goals-based investors made no changes to their portfolios, demonstrating remarkable resilience by staying focused on their long-term objectives rather than reacting to market panic. The strategy involves dividing investments into purpose-labeled buckets aligned with our hierarchy of needs - from basic security to aspirational goals. For example, a conservative "safety" bucket might contain funds needed within five years, while a "growth" bucket holds longer-term investments for retirement or legacy planning. This structured approach helps investors gain perspective to ignore short-term market volatility and maintain focus on long-term goals. Instead of obsessing over whether your portfolio beat the S&P 500 last quarter, the relevant questions become: "Am I on track to fund my children's education?" "Will I have enough for a comfortable retirement?" or "Can I achieve my philanthropic goals?" Sir Isaac Newton's devastating experience with South Sea Company stock serves as a cautionary tale about the dangers of comparative benchmarking and social influence in investing. After initially investing 3,000 and selling at a profit of 7,000, Newton couldn't bear watching friends and colleagues continue to profit from the rising stock. He subsequently reinvested 20,000 near the peak, only to lose nearly all of it in the crash. His famous admission, "I can calculate the movement of stars, but not the madness of men," highlights how even brilliant minds can fall prey to social pressure and market speculation. The most successful investors learn to ignore the broader market's noise and focus instead on achieving the specific returns needed for their personal goals, whether that's a 4% annual withdrawal rate for retirement or a 7% growth target for long-term wealth accumulation. This personalized approach to investing not only helps maintain emotional discipline but also leads to better long-term outcomes by aligning investment strategies with individual time horizons, risk tolerance, and specific financial objectives. Research shows that investors who maintain this goals-focused perspective typically experience less stress during market volatility and are more likely to stick to their investment plans through market cycles.

第 8 章

The Futility of Financial Forecasting

We're remarkably poor at forecasting, with Wall Street "consensus" forecasts missing targets by more than 15% about 59% of the time. David Dreman's comprehensive research found these estimates had only a 1 in 170 chance of being within 5% of actual numbers. The track record is consistently dismal - in 2000, analysts predicted 37% market growth but got 16%; in 2008, they forecast 28% growth before a 40% decline. Even more telling, during the 2008-2009 financial crisis, not a single major Wall Street firm predicted the magnitude of the market collapse. Philip Tetlock's exhaustive study of 82,000 predictions over 20 years revealed that "expert" forecasts barely outperform coin flips. The research showed that specialists were actually less accurate than generalists who drew from multiple disciplines. Worse still, the most confident and famous experts made the poorest predictions, with accuracy declining as media appearances increased. Tetlock found that experts who expressed the highest certainty in their predictions were right only 15% of the time. The structural problem runs deep: analysts face perverse incentives, making six "buy" recommendations for every "sell" in the 1990s, ballooning to 50:1 by 2000. This bias stems from multiple factors: the desire to maintain access to company management, pressure from investment banking divisions, and the simple fact that negative recommendations can damage client relationships. Even independent analysts struggle with confirmation bias and career risk - being wrong with the crowd is safer than being right alone. Our brains crave these forecasts despite their uselessness - MRI studies show that when listening to financial experts, the parts of our brain associated with higher reasoning actually shut down. This phenomenon, known as "expert effect," explains why we continue to seek out predictions even when we know they're unreliable. The amygdala, associated with emotional responses, becomes more active while the prefrontal cortex, responsible for critical thinking, becomes less engaged. The middle ground approach must avoid conjecture about the future, rely on systems rather than biased judgment, and maintain appropriate humility through diversification. Successful investors like Warren Buffett and Charlie Munger rarely make specific market predictions, instead focusing on fundamental business analysis and maintaining a margin of safety. Ray Dalio's Bridgewater Associates succeeds through systematic approaches rather than individual forecasts. Consider this: if expert forecasts were truly valuable, wouldn't the forecasters themselves be billionaires rather than talking heads on financial news networks? The most successful investors typically avoid making public predictions and instead focus on process-driven approaches that acknowledge the inherent uncertainty in markets.

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第 9 章

The Impermanence of Market Extremes

"This too shall pass" applies perfectly to investing, where excesses never last. The Sports Illustrated "jinx" illustrates this principle - athletes featured on the cover often underperform afterward not because of supernatural forces, but because they were selected at their peak performance moment. Exceptional performances tend to be followed by more average ones regardless of praise or criticism, a phenomenon statisticians call regression to the mean. James O'Shaughnessy calls mean reversion "the most ironclad rule" he's found in stock market data across global markets. His research spanning over 50 years and multiple countries shows that extreme outperformance in one period is consistently followed by underperformance in subsequent periods. Yet human nature expects consistency rather than reversion, leading investors to make poor decisions during periods of extreme optimism or pessimism. This behavioral bias is particularly evident in how investors chase "hot" stocks or funds, buying high and selling low. Even "visionary companies" featured in Jim Collins and Jerry Porras' acclaimed book "Built to Last" demonstrated this principle. While they outperformed the S&P 500 before publication (21% vs 17.5%), only half outperformed in the five years after, and from 1991-2007 they actually underperformed (13% vs 14%). Similar patterns emerged with companies featured in "In Search of Excellence" and other business bestsellers, suggesting that being identified as exceptional often marks a peak rather than a sustainable advantage. Market bubbles form when investors fail to account for the impermanence of excess. The 1990s tech bubble, the 2000s housing boom, and the 2017 cryptocurrency surge all followed similar patterns - initial innovation and legitimate value creation followed by speculative excess. Risk is created during market euphoria and actualized in downturns, as valuations stretch beyond reasonable fundamentals. Many bubbles begin with true ideas taken to extremes - like the tech bubble's correct premise that the internet would transform business, or the 1920s belief that radio would revolutionize communication. The wise investor must be countercyclical - optimistic during gloom and cautious during euphoria, always remembering that "this too shall pass." Warren Buffett exemplifies this approach, famously advising to "be fearful when others are greedy and greedy when others are fearful." This requires both emotional discipline and a deep understanding of market history, recognizing that periods of both extreme optimism and pessimism are temporary states rather than permanent conditions. Successful long-term investing requires accepting the cyclical nature of markets while avoiding the tendency to extrapolate current trends indefinitely into the future. Whether dealing with individual stocks, sectors, or entire markets, the principle of mean reversion suggests that the exceptional eventually becomes ordinary, and the deplored often recovers.

第 10 章

Diversification: The Only Free Lunch in Finance

While the Forbes 400 list reveals that extreme wealth typically comes from concentrated positions in single companies, diversification remains essential for most investors. Concentration offers the fastest path to both riches and ruin. Diversification has ancient roots - from Ecclesiastes ("divide your investments among many places") to the Talmud (recommending thirds in business, currency, and real estate) to Shakespeare's Merchant of Venice. At its core, diversification represents applied humility in the face of an uncertain future. Think of diversification as both insurance and regret minimization. Research by Kahneman and Tversky shows we feel losses more acutely than gains - a sentiment echoed by tennis star Andre Agassi who noted "a win doesn't feel as good as a loss feels bad." During the "Lost Decade" of the early 2000s when large-cap US stocks lost 1% annually, a portfolio diversified across five asset classes returned 7.2% per year. Diversification means always having some underperforming assets, but this approach acknowledges our inability to predict which asset classes will lead. Counterintuitively, diversification can improve returns through rebalancing. From 1970-2014, a portfolio equally weighted between European, Pacific, and US stocks and rebalanced annually returned 10.8% - higher than any individual market. Diversification also reduces "variance drain" by smoothing volatility, allowing wealth to compound from higher lows.

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第 11 章

Rethinking Risk Beyond Volatility

Our conventional understanding of risk as volatility misses what truly matters to investors. As Howard Marks observed, people avoid investments not because of price fluctuations but because they fear losing money or receiving inadequate returns. Warren Buffett, whose first rule is "never lose money," has watched Berkshire Hathaway stock drop 50% four times since 1980 without selling a single share. Risk should be defined as the possibility of permanent capital loss or failing to meet our financial goals, not as short-term price movements. Individual stocks are indeed risky - J.P. Morgan found 40% of stocks have suffered "catastrophic losses" of 70%+ since 1980. However, diversified portfolios tell a different story. Jeremy Siegel's research shows stocks have outperformed bonds and cash in every 30-year period since the late 1800s, have beaten cash over 80% of the time in 10-year periods, and have never lost money over any 20-year period. Our perception of risk is distorted by frequency of observation. Those checking accounts daily experience losses 41% of the time, while those looking once every five years see losses only 12% of the time. Investors checking every 12 years would never have seen a loss - an important perspective given that most investment lifetimes span 40-60 years. When evaluating risk, investors should think like they're buying a neighborhood lemonade stand - examining fundamentals like management quality, competitive advantages, pricing power, and margin of safety rather than price volatility. Volatility is normal - the market has risen or fallen more than 20% two out of every five years since 1871 - and should be planned for but never feared more than the risk of insufficient retirement funds.

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《财富法则》核心主题

behavioral finance
investor psychology
emotional discipline
market volatility management
decision making bias

《财富法则》经典语录

No investment skill can overcome bad behavior.
Markets feel scariest when they're actually safest.
The damage from bear markets is often more behavioral than financial.
Doing less typically yields better results than hyperactivity.
The greatest obstacle to investment success isn't market volatility—it's you.

《财富法则》主要人物

Daniel CrosbyAuthor and psychologist specializing in finance

关于作者

Daniel Crosby 是一位心理学家和行为金融学专家，也是畅销书《财富法则》（The Laws of Wealth）的作者。这是一本将心理学与投资策略相结合的开创性金融著作。作为一名受过专业训练的临床心理学家，Crosby 擅长将行为科学转化为投资者可操作的见解，探讨认知偏差、情绪化决策和长期财富积累等主题。他的工作基于他在 Orion Advisor Solutions 担任首席行为官的职责，他在那里设计旨在改善财务成果的工具。

Crosby 早期的《纽约时报》畅销书《个人基准：将行为金融学与投资管理相结合》（Personal Benchmark: Integrating Behavioral Finance and Investment Management）奠定了他将严谨学术与实用建议相结合的声誉。他的后续著作《行为投资者》（The Behavioral Investor，2019年 Axiom 最佳投资图书奖得主）探讨了财务选择背后的神经科学。他主持《标准差》（Standard Deviations）播客，其作品曾刊登在 WealthManagement.com 和 InvestmentNews 上，他的理论框架被全球投资顾问所采用。

《财富法则》已被翻译成 12 种语言，至今仍是行为金融学领域的经典文献，因其以通俗易懂的方式帮助人们克服实现财务成功的心理障碍而广受赞誉。

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"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."

@Moemenn

"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."

@Chloe, Solo founder, LA

117

"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."

@Raaaaaachelw

"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."

@Matt, YC alum

108

"Reading used to feel like a chore. Now it’s just part of my lifestyle."

@Erin, Investment Banking Associate , NYC

254

"Feels effortless compared to reading. I’ve finished 6 books this month already."

@djmikemoore

"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."

@Pitiful

4.5K

"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."

@SofiaP

"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"

@Jaded_Falcon

201

"It is great for me to learn something from the book without reading it."

@OojasSalunke

"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."

@Leo, Law Student, UPenn

483

"Makes me feel smarter every time before going to work"

@Cashflowbubu

"Instead of endless scrolling, I just hit play on BeFreed. It saves me so much time."

@Moemenn

"I never knew where to start with nonfiction—BeFreed’s book lists turned into podcasts gave me a clear path."

@Chloe, Solo founder, LA

117

"Perfect balance between learning and entertainment. Finished ‘Thinking, Fast and Slow’ on my commute this week."

@Raaaaaachelw

"Crazy how much I learned while walking the dog. BeFreed = small habits → big gains."

@Matt, YC alum

108

"Reading used to feel like a chore. Now it’s just part of my lifestyle."

@Erin, Investment Banking Associate , NYC

254

"Feels effortless compared to reading. I’ve finished 6 books this month already."

@djmikemoore

"BeFreed turned my guilty doomscrolling into something that feels productive and inspiring."

@Pitiful

4.5K

"BeFreed turned my commute into learning time. 20-min podcasts are perfect for finishing books I never had time for."

@SofiaP

"BeFreed replaced my podcast queue. Imagine Spotify for books — that’s it. 🙌"

@Jaded_Falcon

201

"It is great for me to learn something from the book without reading it."

@OojasSalunke

"The themed book list podcasts help me connect ideas across authors—like a guided audio journey."

@Leo, Law Student, UPenn

483

"Makes me feel smarter every time before going to work"

@Cashflowbubu

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开启你的学习之旅，就是现在

第 7 章

财富法则

概述《财富法则》概述

一本书，多种聆听方式。

The Psychology of Money: How Behavioral Finance Can Make You Wealthy

The Paradox of the Monkey in a Tuxedo

边听边看，每个词都清晰呈现

The Value of a Behavioral Coach in Your Corner

Reframing Market Downturns as Opportunities

从 《财富法则》中收获更多

The Emotional Sabotage of Investment Decisions

The Dangerous Delusion of Investment Specialness

边听边看，每个词都清晰呈现

Goals-Based Investing: The Antidote to Market Noise

The Futility of Financial Forecasting

从 《财富法则》中收获更多

The Impermanence of Market Extremes

Diversification: The Only Free Lunch in Finance

边听边看，每个词都清晰呈现

Rethinking Risk Beyond Volatility

你已读完 《财富法则》

《财富法则》核心主题

《财富法则》经典语录

《财富法则》主要人物

关于作者

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关于本书的常见问题

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What are the main behavioral finance principles in The Laws of Wealth?

发现更多

1,000,000+ curious minds.

1,000,000+ curious minds.

一本书，多种聆听方式。

The Psychology of Money: How Behavioral Finance Can Make You Wealthy

The Paradox of the Monkey in a Tuxedo

边听边看，每个词都清晰呈现

The Value of a Behavioral Coach in Your Corner

Reframing Market Downturns as Opportunities

从 《财富法则》中收获更多

The Emotional Sabotage of Investment Decisions

The Dangerous Delusion of Investment Specialness

边听边看，每个词都清晰呈现

Goals-Based Investing: The Antidote to Market Noise

The Futility of Financial Forecasting

从 《财富法则》中收获更多

The Impermanence of Market Extremes

Diversification: The Only Free Lunch in Finance

边听边看，每个词都清晰呈现

Rethinking Risk Beyond Volatility

你已读完 《财富法则》

用户还喜欢

发现更多

《财富法则》概述

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从《财富法则》中收获更多

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从《财富法则》中收获更多

你已读完《财富法则》