A Century of Investors

Posted: 30 Oct 2003

See all articles by Meir Statman

Meir Statman

Santa Clara University - Department of Finance

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Today's investors are more rapidly informed than their predecessors a century ago, but they are neither better informed nor better behaved. In this article, a picture of individual investors during 1906-1918 drawn from investor questions to the World's Work magazine is compared with a picture of investors of the 21st century as reflected in today's media. The investors of a century ago, like today's investors, wanted to be secure while they aspired to be rich, wanted to save while they were tempted to spend, wanted to feel the joy of pride and avoid the pain of regret.

Keywords: Investment Theory: behavioral finance; Investment Industry: other

Suggested Citation

Statman, Meir, A Century of Investors. Financial Analysts Journal, Vol. 59, No. 3, May/June 2003. Available at SSRN: https://ssrn.com/abstract=415541

Meir Statman (Contact Author)

Santa Clara University - Department of Finance ( email )

500 El Camino Real
Santa Clara, CA 95053
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