Normal Investors, Then and Now PoorSatisfactoryGoodVery GoodExcellent Be the first. (0 ratings) Log in to rate this article. CFA Digest August 2005 | Vol. 35 | No. 3 | 2 pages Source: CFA InstituteMeir StatmanMeir Statman (Reviewer) Read Abstract In the early years of the investment industry, investors were considered to be “normal.” But then starting in the late 1950s, investors were thought to be “rational.” Having gone full circle, investors are again considered to be “normal.” The portrait of investors as rational is the first foundation block of standard finance—other blocks being market efficiency, mean–variance portfolio theory, and the capital asset pricing model. This article provides descriptions of normal investors as they were portrayed in the Financial Analysts Journal and other finance journals before standard finance was introduced and as they have emerged recently in behavioral finance. View more information Topics Portfolio Management : Portfolio Concepts from Capital Market Theory | Behavioral Finance Credits · About the CE Program 0 CE (including 0 SER) Record credits Credits recorded Members, log in to record your credits. Manage CE Credits People who viewed this page also viewed: Top Hedge Fund Investors: Stories, Strategies, and Advice This book chronicles top hedge fund investors that played key roles in the industry, including substantial information on manager sourcing, ... More Credit Suisse Global Wealth Databook This Databook displays the detailed dataset backing the "Credit Suisse Global Wealth Report," the comprehensive study of world ... More Credit Suisse Global Wealth Report The "Credit Suisse Global Wealth Report" is a comprehensive study of world wealth that analyzes the world’s entire 200 trillion ... More Loading ...