The global financial crisis that erupted in 2008 exposed the flaws in many investment strategies. This book explores the controversies that surround the management of wealth, and provides guidance on how to construct investment strategies that are appropriate for each investor.With detailed analysis, supported by data and anecdotes, it is above all a practical guide. It shows how the insights of behavioral analysis are widely reflected in investor actions, while emphasizing the importance of basing investment strategy on the principles of traditional finance. And it takes into account new research into behavioral and traditional finance, which has created new understandings of what investors want to achieve, along with their customary mistakes.Additionally, this third fully updated and extensively revised edition includes a wide analysis of alternative investments such as art and wine.