The Tri-Valley Chapter of the Cal Alumni Association and the East Bay Chapter of the Haas Alumni Network cordially invite you to spend an evening with UC Berkeley Haas School of Business Professor Terrance Odean to hear his talk on “The Investor’s Worst Enemy.”

Professor Odean will discuss his research on how psychological biases and decision heuristics affect the trading and welfare of individual investors. Analyzing the trading records of hundreds of thousands of investors, Professor Odean finds that individual investors tend to trade too frequently, hold onto their losing investments, and buy stocks that are in the news. Mutual fund investors pay too much attention to past returns and too little to expenses. Asset-pricing bubbles are more likely when investors are happy and excited. Finally, many brokerage ads portray a distorted picture of the investment process.Terrance Odean

Tickets will go fast. Reserve your seat today.

Date: Thursday, September 27

6:00 – 6:30 pm: Hors d’oeuvres, no-host bar, networking
6:30 – 8 pm: Terrance Odean

Hilton Pleasanton
7050 Johnson Drive
Pleasanton, CA 94588


Parking: Ample parking is available at the hotel.

Early Registration: $30 per person on or before September 13, 2012
Regular Registration: $35 per person after September 13, 2012

About Terrance Odean:
Terrance Odean is the Rudd Family Foundation Professor of Finance at the Haas School of Business at Berkeley. He is an associate editor at the Journal of Finance; an associate editor at the Journal of Behavioral Finance; co-editor of a forthcoming special issue of Management Science, a member of the Journal of Investment Consulting editorial advising board, the Russell Sage Behavioral Economics Roundtable, the Russell Investments Academic Advisory Board, and the WU Gutmann Center Academic Advisory Board at the Vienna University of Economics and Business; former director of UC Berkeley’s Experimental Social Science Laboratory; a former associate editor and editor of the Review of Financial Studies; former Chair of the Haas Finance Group; and the former Willis H. Booth Professor of Finance and Banking. As an undergraduate at Berkeley, Odean studied Judgment and Decision Making with the 2002 Nobel Laureate in Economics, Daniel Kahneman. This led to his current research focus on how psychologically motivated decisions affect investor welfare and securities prices. His research has been cited in the Wall Street Journal, New York Times, Los Angeles Times, Washington Post, International Herald Tribune, Time, Newsweek, US News and World Report, Forbes, Businessweek, and several other publications.

Contact Frank Dickerson at or Audrey Glafkides at


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