COUNCIL OF MICHIGAN FOUNDATIONS 44TH ANNUAL CONFERENCE
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1 COUNCIL OF MICHIGAN FOUNDATIONS 44TH ANNUAL CONFERENCE
2 Making Group Decisions the Behavioral Finance Way
3 MICHAEL LIERSCH, PH.D. Head of Behavioral Finance and Goals-Based Consulting Bank of America Merrill Lynch
4 Disclosures The opinions expressed in this material are strictly those of Merrill Lynch, are made as of the date of this material and are subject to change without notice. Other affiliates may have opinions that are different from and/or inconsistent with the opinions expressed herein and may have banking, lending, and/or commercial relationships with the companies that are mentioned here. This material was prepared by the Investment Management & Guidance Group (IMG) and is not a publication of BofA Merrill Lynch Global Research. The views expressed are those of IMG only and are subject to change. This information should not be construed as investment advice. It is presented for information purposes only and is not intended to be either a specific offer by any Merrill Lynch entity to sell or provide, or a specific invitation for a consumer to apply for, any particular retail financial product or service that may be available. Bank of America Merrill Lynch is a brand name used by several Bank of America Corporation ( BofA Corp. ) businesses, including Global Institutional Consulting ( GIC ), which is part of the Global Wealth and Retirement Solutions business. Banking activities may be performed by wholly owned banking affiliates of BofA Corp., including Bank of America, N.A. Brokerage and investment advisory services may be provided by Merrill Lynch, Pierce, Fenner & Smith Incorporated ( MLPF&S ), a registered broker-dealer and registered investment advisor, Member SIPC, and a wholly owned subsidiary of BofA Corp. Global Institutional Consultants mentioned herein are registered representation with MLPF&S. Investment products offered through MLPF&S: Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value 2016 Bank of America Corporation. All rights reserved. ARG9RGJ9
5 WHAT IS BEHAVIORAL FINANCE?
6 WHAT IS BEHAVIORAL FINANCE? Two lines of identical length
7 WHAT IS BEHAVIORAL FINANCE? Can be made to appear different by changing perspective
8 WHAT IS BEHAVIORAL FINANCE? Is there a relationship to market perspectives? Chart source: Westcore Funds / Denver Investment Advisers LLC 1998
9 WHAT IS BEHAVIORAL FINANCE? Behavioral finance is the study of human behavior in a financial context, and acknowledges that the human side of investing is critical to investment success. Traditional Finance Behavioral Finance
10 HOW CAN BEHAVIORAL FINANCE BE MEANINGFUL TO US? Tool to elicit investors perspectives on investing and then share perspectives Investment Personality
11 HOW CAN BEHAVIORAL FINANCE BE MEANINGFUL TO US? Example: What is your group s Mindset toward risk? You just flipped a coin, but you don t know the outcome yet... Would you agree to play the following game again? If the coin flip is......heads, you lose $100...tails, you receive $200 Adapted from Amos Tversky and Eldar Shafir, The Disjunction Effect in Choice Under Uncertainty, Psychological Science, September 1992.
12 HOW CAN BEHAVIORAL FINANCE BE MEANINGFUL TO US? Understanding your group s Investment Personality
13 DESERT SURVIVAL: ACTIVITY
14 DESERT SURVIVAL: SCENARIO It is approximately 10 a.m. in late August. Returning from a recent trip, you and your group are flying over the Sonora Desert in the southwestern United States. You notice that the immediate area is quite flat and, except for occasional cacti, appears to be rather barren. The last weather report indicated the temperature would reach 110 degrees that day. The pilot just indicated that you were approximately 70 miles from a mining camp, which is the nearest known habitation, when the plane begins to experience difficulty. The plane crash lands in the Sonora Desert, burning up and leaving only the air frame. Before the plane caught fire, your group was able to salvage 15 items. You survived the crash, now you must survive the desert.
15 DESERT SURVIVAL: WHAT YOU SALVAGED IN THE DESERT The following list describes the 15 items you salvaged. Rank your top 3 the items according to their level of importance. Cosmetic Mirror 1 Top Coat per Person 1 Quart (95ml) of Water per Person Flashlight (4-battery size) Parachute (red and white) Jackknife Plastic Raincoat (large size).45 Caliber Pistol (loaded) 1 Pair of Sunglasses per Person Compress Kit with Gauze Magnetic Compass Sectional Air Map of the Area Book "Edible Animals of the Desert 2 Quarts (189ml) of 180 Proof Vodka Bottle of Salt Tablets (1000 tablets)
16 DESERT SURVIVAL: RANK THE ITEMS YOU SALVAGED IN THE DESERT Your Rank Your Team s Rank Item Experts Rank Your Deviation Mirror Top coats Water Flashlight Parachute Jackknif e Raincoat Pistol Sunglasses Compress Compass Map Book Vodka Salt tablets Team s Deviation
17 HOW DO WE ENHANCE EFFECTIVE GROUP COMMUNICATION?
18 WHAT ARE THE BENEFITS? TRADE- OFFS?
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