投资的怪圈

从有关幸福的研究中，我们得到了最有力、最令人宽慰的经验：你不一定要很富有才能感受幸福。[39]要提高幸福感，管理情绪和预期非常重要，其重要性不亚于管好你的钱。你可以采取许多小步骤，也可以采取一些大动作，用最少的努力从你的金钱中获得最大的快乐。让我们先从小事做起。

➢深呼吸。理查德·戴维森对佛教僧侣的研究表明，内心安宁的人，左前额皮质的活动更活跃。左前额皮质是大脑中产生幸福感的中心之一。每天，为自己创造几分钟安静的时间。拔掉所有的电线，关掉你的手机，关掉你的电子邮件。闭上你的眼睛，深呼吸，花点时间冥想，祈祷，或者细想一段让你感到快乐的记忆。当你做完这个练习后，想一件你今天可以完成的事情，越简单越好。当你的投资表现不佳时，这一技巧尤其重要。

➢关掉电视。[40]无论你挣多少钱，嫉妒和攀比都会让你感到寒酸，所以，你应该尽可能少拿自己和别人比较。黄金时段的电视节目和广告用一连串的画面轰炸观众，可能会让任何人因为没有变得更富有而觉得自己是个失败者。对美国、中国和澳大利亚的研究表明，看电视越多，人们越容易相信自己的幸福取决于他们买不起的东西，对生活也就越不满意。如果你想对自己的钱感觉好一些，关掉电视，把时间花在自身爱好上，去上夜校，或者同亲友聚会。

➢让通勤之路充满快乐。通勤几乎是每个人最不喜欢的活动之一，而与朋友共度时光则恰恰相反，是人们最喜欢的事情之一。所以，可以想个一举两得的办法：和两三个好朋友合伙用车。这样，你会把消极的经历变成积极的，还能省下一笔油钱。

➢随波逐流。如果你发现自己在工作中感到非常困难，就算付出更多努力，可能也找不到解决方案，那就每天拿出一个小时用于运动、欣赏艺术或听音乐，转移一下你的注意力，帮你重新集中精力，远离烦恼。当你回到办公桌前时，解决方案可能突然出现在脑海中。一个类似的现象是，一个美好的假期似乎总能让下跌的股市扭转颓势，这着实令人惊讶。

➢办一个派对。[41]优秀的管理者意识到，提高士气在困难时期比以往任何时候都重要。长期从事期权交易的马克·戈德费恩（Mark Goldfine）说，他经常在交易大厅度过特别糟糕的一天之后，请同事们喝酒或吃饭。他说：“别人都是在度过愉快的一天之后庆祝，但我认为在糟糕的一天之后庆祝一下会更好。这样就不会让市场左右你的情绪，你也不会再生闷气和黯然伤神了。更快乐的人在交易大厅里迎来更多的胜利日。”

➢结局要高调。[42]由于情感记忆在很大程度上取决于一段经历的结局，你或许能够通过操纵结局来影响记忆。比如，在一个为期两周的假期中，要抑制住挥霍的冲动。相反，可以在最后营造一个特别的场合，包括浪漫的晚餐，在夜空下划船，与家人或朋友进行一次惊喜团聚，等等。任何看起来最有可能给你和旅伴留下积极回忆的事情都可以安排到最后关头。愉快地结束你的假期会让你在未来回顾的时候不再感到失望。出于同样的原因，经纪人和理财规划师会把最好的消息留到面谈结束时再提出来，以此提高客户的满意度。

➢惊喜的人。正如我们在第四章中看到的那样，意想不到的奖励会触发大脑释放多巴胺。就像你不能给自己挠痒一样，你也不能给自己一份意想不到的礼物。但是给别人一个惊喜是很容易的。你花在别人身上的每一美元都会比你花在自己身上的带给你和他们更多的快乐。不一定要送昂贵的珠宝，真正重要的是情感。

➢回归学校。[43]当人们回顾生活时，总是说最大的遗憾之一就是没有得到足够的教育。不管他们接受了多少年的教育，依然这么说。无论你对中世纪历史、内战、烹饪、计算机维修还是棒球感兴趣，附近的一所大学几乎肯定会为你提供一门物超所值的课程。从沙发上起来，到教室里去，你会学到一些有趣的东西，结交新朋友。同时，你或许还会学到一些新见解，甚至可能帮助你赚更多的钱。

➢不要让老人太大胆。由于衰老使我们更加强调事物积极的一面，淡化消极的一面，所以，骗子们长期以来一直把老年人作为目标。快速致富计划总是强调好的一面，对年长的投资者来说有着几乎不可抗拒的吸引力。在美国，佛罗里达州的博卡拉顿市（Boca Raton）就汇集了很多肮脏的证券经纪公司，当然也有一些信誉不错的公司。那些肮脏的经纪公司专门把老年人作为行骗对象。随着年龄的增长，人们不喜欢往坏处想，所以给他们一些保护是至关重要的。如果你有年迈的父母，或者自己超过了65岁，那就安装一个垃圾邮件过滤软件，屏蔽不请自来的电子邮件，注册来电显示服务以屏蔽电话营销公司的电话。调查一下那些主动提出为你或你的父母提供理财服务的人，而且在没有参照“排除某些投资的规则清单”和“投资策略声明”（见附录2和附录3）之前不要轻易投资。

➢强调积极的一面。你是否经常看到爷爷或奶奶变得很沮丧？老年人更冷静、更积极的态度意味着恐惧通常不是激励他们的好方法。如果你强调他们会因为一个错误的决定而承受多大的损失，他们不会听进去。相反，要强调一个更好的选择所带来的积极结果，尤其是能让他们有更大的自由，或者让他们与最珍视的人共度时光。

➢朝着目标前进。[44]你的大脑反射系统本能地使你很难为未来存钱，因为遥远的奖励不会像今天花钱那样给你带来情感冲击力。诀窍是让你未来的目标尽可能地具体和生动。给你的储蓄账户或退休账户起个昵称，比如“艾米丽的大学储蓄金”或“托斯卡纳别墅基金”，设定一个目标日期，比如“艾米丽的18岁生日——2024年4月17日”或“2029年平安夜”。从杂志上剪下一张照片或下载一些图片，把这些照片贴在你的记账本上。至于钱在未来能为你做什么，你想象出来的意象越多，你的目标就会显得越接近、越具体，你也就越容易为未来储蓄资金。

➢算好时间这笔账。聪明的营销人员知道把回报放在前面，把风险放在后面。这样一来，利益带来的激动提高到了最大，而坏处给人带来的不安则降低到了最小。强迫自己不仅要关注股票当前的买入价格，还要关注持有的总成本。比如，如果你正在办理抵押贷款，不能仅仅因为月供较低而放弃15年贷款期限，选择30年的贷款期限，要强迫自己看一看将要承担的总债务的差额。不要想当然地认为没有前端费用的共同基金比年费较低的基金更便宜，请先查阅一下招股说明书的收费表。无论何时，你在购买大宗商品的不同支付方式之间做出选择前，都要索要一份书面报告——对每种支付方式的成本进行分析，不仅要看今天，还要看到5年以后。你可能会突然意识到，你原本觉得自己节省了一笔费用，结果未来会导致自己支付更多成本。

➢抑制住挥霍的冲动。如果你发现自己一直挥霍无度，后来却觉得很痛苦，那就把钱存起来。用正常的账户支付日常生活费用。然后单独创建一个专门用于挥霍的账户，并将借记卡与之关联。取消你的信用卡，用碎纸机销毁它们。这样，你就保持了用卡支付的便利，但与信用卡不同的是，你的花费不会超过你手头的钱。

➢自己创造运气。[45]心理学家理查德·怀斯曼多年来一直在研究那些异常幸运（或不幸）的人。最令他难忘的例子之一是一位女士，她在去参加聚会之前，会考虑穿哪一种颜色的衣服。然后，她和房间里每个穿这种颜色衣服的人交谈。通过强迫自己以一种系统性的方式变得友好，她邂逅了一些她可能永远不会与之交谈的人，并被邀请出去约会。

通过打破常规，拥抱新的体验，你可以释放你的好奇心，接受新的想法。你越经常让自己走在好运的路上，你就越有可能在你的投资或商业生活中获得好运。

每周去一个新地方吃一次午餐，和其他部门的人一起出去喝咖啡，与陌生人攀谈；如果你通常乘公共汽车上班，那就多走一段路再坐车。每天训练自己注意周围世界的不同之处：人们开什么车，穿什么牌子的鞋，用什么牌子的手机。寻找新的信息来源，比如网站、杂志、商业出版物。要偶尔偏离一下自己通常的兴趣。1998年，出于无聊的好奇心，我在机场书店买了一本《科学美国人》（Scientific American）杂志，读了一篇关于神经科学的文章，如果说有什么因素促使我去读这篇文章，那就是它精美的插图。令我震惊的是，我发现那些大脑被切掉一半的人计算概率的方式与我们截然不同。这最终让我产生了对投资的深刻见解，而这些见解是我在平常的投资渠道中永远也找不到的。如果那天我没有冒险打破一下我平常的阅读清单，这本书就不会问世了。

怀斯曼还建议列一个“幸运目标清单”，目标要尽可能具体和现实，比如，不要笼统地说“我想发财”，而是要说“下个月我想要开发10个新客户”。然后，督促自己朝着这个目标努力。给自己设定几个目标，这样就算在一个目标上运气不好，也可能在另一个上收获好运。

➢现在就做。[46]拖延是财富的劲敌之一，也是不快乐的最大来源。我们都知道自己应该存更多的钱，而且我们深信只要有更强大的意志力，就会存更多的钱。但心理学家罗伊·鲍迈斯特（Roy Baumeister）通过一项极其聪明的实验证明，人们的意志力往往都是不够用的。他让第一组人坐在烤炉前，烤炉里有新鲜的巧克力曲奇饼干，他告诉他们，桌上那个碗里的萝卜，他们想吃多少都可以吃，但曲奇饼干是不能吃的，之后让他们单独待几分钟。与此同时，第二组人想吃多少饼干就吃多少。最后，鲍迈斯特让所有的实验对象解答一道几何难题。那些之前需要集中意志力去抵制饼干诱惑的人，比那些想吃就吃的人放弃解题的速度快一倍多。显而易见的教训是：至少在短期内，意志力不是一种可再生资源，使用了它，你就会失去它。你的意志力很容易被耗尽，如果你觉得在需要的时候就能拥有它，那你太傻了。

幸运的是，哈佛大学经济学家莱布森指出：“通过今天的承诺锁定明天的行为，你就建立了一个不必控制自我的世界。”以下是几种有助于你履行承诺的简单方法。

第一，与朋友建立联系。如果你认识的某个人正在努力实现同样的目标，那就一起努力吧。约定达成共同目标的日期，以及达成目标后你们给予对方的奖励（可以是在你最喜欢的餐厅吃一顿饭，看一场电影，或其他任何能让你开心的事情）。如果你们中只有一个人在截止日期前完成了目标，那么你们两个都得不到奖励。

第二，向你的伴侣做出承诺。如果有一些任务你一直在拖延，那就告诉你的伴侣或其他重要的人，你最终会在本周五完成它，如果没有完成，那么下星期六你将做他或她指定的家务。

第三，用技术手段督促自己。假设你知道你应该为自己的401（k）账户增加一笔钱，但犹豫不决，那么莱布森建议你告诉一个朋友，如果你到下周五下午5点还没有完成，你就欠他一个礼物（任由你朋友挑选）。握手约定，以后不许逃避责任。然后，使用你的手机、个人数字助理或www.backpackit.com等网站提供的在线日历，创建一条消息，该消息将在周五上午自动发送给你的朋友。莱布森建议，提前给自己设置提醒，说他5点要和我谈！如果这些都不能让你在星期五前很好地行动起来，你一定要在那天的4：45左右进入高速运转状态，加快实现自己的计划。

第四，各个击破。做事情要循序渐进，而非一蹴而就，这样可以让行动的代价看起来不那么令人痛苦。假设你一直想在网上支付所有账单。不要尝试一次全部支付完，这太吓人了；相反，分开支付，比如，先支付长途电话费。你会惊奇地发现先注册一下是多么容易，然后你还会发现不用写支票、不用盖章、不用贴邮票、不用邮寄的感觉是多么好。这样，通过各个击破，而不是一蹴而就地全部支付完，你就会明白成本与收益相比是微不足道的。不久，你就可以在网上支付所有的账单了。

➢提升自己的快乐。[47]心理学家马丁·塞利格曼表示，每天写快乐日记，坚持一周，只写下发生的三件好事，以及你认为它们发生的原因，就能让你在未来几个月里明显更快乐。这就好像数祝福的行为不知何故会让幸福成倍增长一样。

你也可以进行塞利格曼所说的“感恩之旅”：想想那些对你的生活产生过巨大积极影响的人。写一封300字的感谢信，详细说明对方曾经做了什么，这对你的人生有什么意义，以及你为什么心存感激；然后找出这个人今天在哪里，并提出过去拜访。如果对方问你为什么想去拜访，你可以说这是一个惊喜。到达后，大声朗读你写的感谢信。如果你觉得这太情绪化了，就陪他/她坐着，让对方去读吧。这会给你们带来持久的温暖。

另一个练习是想象最好的自己。想象一下，如果你所有的目标都实现了，所有的梦想都成真了，你的生活将会是什么样的。想象一下，从这个未来的有利位置回顾一下，那时你最自豪的是什么。尽可能详细地描述一下未来的自己。把这个想象中的美好状态写到一张纸上，放在钱包里随身携带，或者写在便携式电子设备的一个文件里。每当你想到一个新的细节，就把它添加进去。

最后，在每年辞旧迎新之际，比如在1月，当许下新年愿望——例如要更新一个投资账户，你就填写一份简单的进度报告，督促自己完成。把你的生活分成几个主要类别，爱情、友谊、健康、工作、娱乐、金钱、学习、风险和整体幸福感，从1到10给自己打分。将这些条目添加到你的净资产报表中，并逐年跟踪它们，这种简单的方法有助于你发现为实现更丰富的生活目标还需付出哪些努力。当情感这笔“财富”增加之后，你的物质财富最终也可以增加。

➢行动和存在比拥有更好。[48]试图通过赚更多的钱来获得快乐会让你忽略一些简单但深刻的东西。通往幸福的道路有三条：拥有、行动和存在。“拥有”的核心是购买和持有，马丁·塞利格曼称之为“快乐生活”（pleasant life）。但正如拥有一辆新的SUV那样，这不可能让你在通往幸福的道路上坚持很长时间。“行动”的内涵是经历和活动，是塞利格曼所说的“好生活”（good life）。与家人或朋友组织一场特殊的聚会，单纯地为了学习而去大学听课，或者培养一种爱好，这些都可以产生美好记忆。创造新的技能，开拓你的视野，从而带来更持久的幸福。“存在”是投身于超出自我的事业，实现自我的拓展和充实：把你的一部分时间和精力投入一个想法、一个事业，或者一个你想融入的社群。在慈善机构做志愿者，在礼拜堂做向导，或者为你最喜欢的慈善机构筹款，这些行为都能让你感到自己正在改变别人的生活，在这个过程中感到充实。这种归属感和责任感创造了塞利格曼所说的“有意义的生活”（meaningful life）。

坏消息是，正如我们之前了解的那样，你花在“拥有”上的钱会产生递减的回报；无论你买什么东西，你越习惯，从中得到的快乐就越少。好消息是，你花在“行动”和“存在”上的钱会给你的生活投射更为持久的光芒，因为经历会在你的记忆中闪耀，归属感会让你的自尊感更加强烈。最后，过上一种富足的生活与其说取决于你拥有多少，不如说取决于你做了多少、你代表什么，以及你如何充分发挥自己的潜力。正如沃伦·巴菲特的商业伙伴查理·芒格喜欢说的那样：“要得到你渴望的东西，最可靠的办法是让自己配得上它。”要成为一个真正明智的投资者，你必须记住一点，即运用本书中的经验和技巧挣钱只是一种手段，而不是目的。实现“自我价值”的最大化比增加净资产更重要。最具价值的投资是把钱花在能让你的生活更有价值的目标上：发挥你与生俱来的天赋，让自己对别人更重要，让你周围的世界变得更美好。考虑到大脑的运作方式，幸福并不取决于你能买多少东西，而是取决于你发现自身价值有多大。

[1] James Boswell, The Life of Samuel Johnson (New York: Everyman’s Library, 1992), p.273.

[2] Ed Diener and Carol Diener,“Most People Are Happy,” PS, vol. 7, no. 3 (May 1996),pp. 181–85; David G. Myers and Ed Diener,“Who Is Happy?” PS, vol. 6, no. 1(Jan. 1995), pp. 10–19; David G. Myers,“The Funds, Friends, and Faith of Happy People,” AP, vol. 55, no. 1 (Jan. 2000), pp. 56–67; PNC Advisors,“Wealth and Values Survey Findings” (2005), p. 5; David Futrelle,“Can Money Buy Happiness?” MM,Aug. 2006, pp. 127–31; Arthur Schopenhauer, The Wisdom of Life (Amherst, N.Y.:Prometheus Books, 1995), p. 45.“Money (That’s What I Want)” was originally written by Berry Gordy Jr. and Janie Bradford and recorded by Barrett Strong.

[3] Robert Sapolsky,“Sick of Poverty,” SA (Dec. 2005), pp. 93–99; Rosemarie Kobau et al.,“Sad, Blue, or Depressed Days, Health Behaviors and Health-Related Quality of Life,” Health and Quality of Life Outcomes, vol. 2, no. 40 (2004), www.hqlo.com/ content/2/1/40; Maria J. Silveira et al.,“Net Worth Predicts Symptom Burden at the End of Life,” Journal of Palliative Medicine, vol. 8, no. 4 (2005), pp. 827–37; Andrew J. Tomarken et al.,“Resting Frontal Brain Activity Linkages to Maternal Depression and Socioeconomic Status Among Adolescents,” BP, vol. 67 (2004), pp. 77–102;Peggy McDonough et al.,“Income Dynamics and Adult Mortality in the United States, 1972 through 1989,” American Journal of Public Health, vol. 87, no. 9 (Sept.1997), pp. 1476–83; Janis L. Dickinson and Andrew McGowan,“Winter Resource Wealth Drives Delayed Dispersal and Family-Group Living in Western Bluebirds,”PRSLB, vol. 272, no. 1579 (Nov. 22, 2005), pp. 2423–28; JZ e-mail interview with Dickinson, Nov. 9, 2005.

[4] Ed Diener et al.,“Happiness of the Very Wealthy,” SIR, vol. 16, no. 3 (April 1985),pp. 263–74; Ed Diener and Martin E. P. Seligman,“Beyond Money,” Psychological Science in the Public Interest, vol. 5, no. 1 (2004), pp. 1–31; JZ e-mail interview with Ed Diener, Aug. 15, 2006.

[5] George Loewenstein and Shane Frederick,“Predicting Reactions to Environmental Change,” in Max Bazerman et al., Psychological Perspectives on Ethics and the Environment (San Francisco: New Lexington Press, 1997), pp. 52–72.

[6] Arthur M. Schlesinger Jr., A Thousand Days (New York: Mariner, 2002), p. 1028.

[7] Daniel Kahneman,“Objective Happiness,” in W-B, pp. 3–25.

[8] Philip Brickman et al.,“Lottery Winners and Accident Victims,” JPSP, vol. 36, no. 8(1978), pp. 917–27; www.nefe.org/fple/windfallpage1.html; Beverly Keel,“A Dollar and a Dreamer,” New York, Dec. 16, 2002, p. 18.

[9] Richard Stensman,“Severely Mobility-Disabled People Assess the Quality of Their Lives,” Scandinavian Journal of Rehabilitation Medicine, vol. 17, no. 2 (1985), pp.87–99; Gale G. Whiteneck et al.,“Mortality, Morbidity, and Psychosocial Outcomes of Persons Spinal Cord Injured More than 20 Years Ago,” Paraplegia, vol. 30, no.9 (Sept. 1992), pp. 617–30; Kenneth A. Gerhart et al.,“Quality of Life Following Spinal Cord Injury,” Annals of Emergency Medicine, vol. 23, no. 4 (April 1994), pp.807–12; John R. Bach and Margaret C. Tilton,“Life Satisfaction and Well-Being Measures in Ventilator Assisted Individuals with Traumatic Tetraplegia,” APMR, vol.75, no. 6 (June 1994), pp. 626–32; Lawrence C. Vogel et al.,“Long-Term Outcomes and Life Satisfaction of Adults Who Had Pediatric Spinal Cord Injuries,” APMR, vol.79, no. 12 (Dec. 1998), pp. 1496–1503; Marcel P. J. M. Dijkers,“Correlates of Life Satisfaction among Persons with Spinal Cord Injury,” APMR, vol. 80, no. 8 (Aug. 1999), pp. 867–76; Karyl M. Hall et al.,“Follow-up Study of Individuals with High Tetraplegia,” APMR, vol. 80, no. 11 (Nov. 1999), pp. 1507–13.

[10] JZ,“The Soul of an Investor,” MM, March 2005, pp. 66–71.

[11] JZ e-mail interview with Diener, Aug. 15, 2006.

[12] Daniel T. Gilbert and Timothy D. Wilson,“Miswanting,” in Joseph P. Forgas, ed.,Thinking and Feeling (Cambridge, U.K.: Cambridge University Press, 2000), pp.178–97; Timothy D. Wilson et al.,“Focalism,” JPSP, vol. 78, no. 5 (May 2000),pp. 821–36; Leaf Van Boven et al.,“The Illusion of Courage in Social Predictions,”OBHDP, vol. 96 (2005), pp. 130–41.

[13] George Loewenstein and David Schkade,“Wouldn’t It Be Nice?” in W-B, pp.3–25; JZ telephone interview with Daniel Gilbert, June 17, 2004; see also Gilbert’s brilliant book, Stumbling on Happiness (New York: Knopf, 2006).“There are two tragedies”: George Bernard Shaw, Man and Superman, 4:369 (Shaw borrowed, and polished, this line from Oscar Wilde).

[14] Derrick Wirtz et al.,“What to Do on Spring Break?” PS, vol. 14, no. 5 (Sept. 2003),pp. 520–24; Terence R. Mitchell et al.,“Temporal Adjustments in the Evaluation of Events,” JESP, vol. 33 (1997), pp. 421–48; Robert I. Sutton,“Feelings about a Disneyland Visit,” Journal of Management Inquiry, vol. 1, no. 4 (Dec. 1992),pp. 278–87; JZ e-mail interview with Sutton, Aug. 14, 2006; Dorothy Field,“Retrospective Reports by Healthy Intelligent Elderly People of Personal Events of Their Adult Lives,” International Journal of Behavioral Development, vol. 4 (1981),pp. 77–97; Donald A. Redelmeier et al.,“Memories of Colonoscopy,” Pain, vol. 104(2003), pp. 187–94; Daniel Kahneman et al.,“Back to Bentham?” QJE, May 1997,pp. 375–404; Barbara L. Fredrickson,“Extracting Meaning from Past Affective Experiences,” C&E, vol. 14, no. 4 (2000), pp. 577–606.

[15] Michael Ross,“Relation of Implicit Theories to the Construction of Personal Histories,” PR, vol. 96, no. 2 (1989), pp. 341–57; Chu Kim-Prieto et al.,“Integrating the Diverse Definitions of Happiness,” JOHS, vol. 6 (2005), pp. 261–300; JZ e-mail interview with Justin Kruger, Aug. 24, 2006.

[16] Fritz Strack et al.,“Priming and Communication,” European Journal of Social Psychology, vol. 18 (1988), pp. 429–42; Norbert Schwarz et al.,“Assimilation and Contrast Effects in Part-Whole Question Sequences,” Public Opinion Quarterly,vol. 55 (1991), pp. 3–23; Norbert Schwarz and Fritz Strack,“Reports of Subjective Well-Being,” in W-B, pp. 61–84; Daniel Kahneman et al.,“A Survey Method for Characterizing Daily Life Experience,” Science, vol. 306 (Dec. 3, 2004), pp.1776–80; Shigehiro Oishi and Helen W. Sullivan,“The Predictive Value of Daily vs.Retrospective Well-Being Judgments in Relationship Stability,” JESP, vol. 42 (2006),pp. 460–70.

[17] Ed Diener and Martin E. P. Seligman,“Very Happy People,” PS, vol. 13, no. 1(Jan. 2002), pp. 81–84; David G. Myers,“The Funds, Friends, and Faith of Happy People,” AP, vol. 55, no. 1 (Jan. 2000), pp. 56–67; William Pavot et al.,“Extraversion and Happiness,” Personality and Individual Differences, vol. 11, no. 12 (1990), pp.1299–1306; Daniel Kahneman et al.,“A Survey Method for Characterizing Daily Life Experience,” Science, vol. 306 (Dec. 3, 2004), pp. 1776–80.

[18] Richard J. Davidson and Nathan A. Fox,“Frontal Brain Asymmetry Predicts Infants’Response to Maternal Separation,” Journal of Abnormal Psychology, vol. 98, no.2 (1989), pp. 127–31; Richard J. Davidson,“Well-Being and Affective Style,”PTRSLB, vol. 359 (2004), pp. 1395–1411; Robert E. Wheeler et al.,“Frontal Brain Asymmetry and Emotional Reactivity,” Psychophysiology, vol. 30 (1993), pp. 82–89;Diego A. Pizzagalli et al.,“Frontal Brain Asymmetry and Reward Responsiveness,”PS, vol. 16, no. 10 (2005), pp. 805–13; Antoine Lutz et al.,“Long-Term Meditators Self-Induce High-Amplitude Gamma Synchrony during Mental Practice,” PNAS,vol. 101, no. 46 (Nov. 16, 2004), pp. 16369–73; Heather L. Urry et al.,“Making a Life Worth Living,” PS, vol. 15 (2004), no. 6, pp. 367–72.

[19] Tim Kasser, The High Price of Materialism (Cambridge, Mass.: MIT Press, 2000),pp. 30–32; Tim Kasser et al.,“The Relations of Maternal and Social Environments to Late Adolescents’ Materialistic and Prosocial Values,” Developmental Psychology,vol. 31, no. 6 (1995), pp. 907–14; Tim Kasser and Richard M. Ryan,“A Dark Side of the American Dream,” JPSP, vol. 65, no. 2 (1993), pp. 410–22; Carol Nickerson et al.,“Zeroing in on the Dark Side of the American Dream,” PS, vol. 14, no. 6 (Nov.2003), pp. 531–36; M. Joseph Sirgy,“Materialism and the Quality of Life,” SIR, vol.43 (1998), pp. 227–60; Ed Diener and Robert Biswas-Diener,“Will Money Increase Subjective Well-Being?” SIR, vol. 57 (2002), pp. 119–69; Daniel Kahneman et al.,“Would You Be Happier If You Were Richer?” Science, vol. 312 (June 30, 2006), pp.1908–10.

[20] Robert M. Sapolsky,“The Influence of Social Hierarchy on Primate Health,”Science, vol. 308 (April 29, 2005), pp. 648–52; Olivier Berton et al.,“Essential Role of BDNF in the Mesolimbic Dopamine Pathway in Social Defeat Stress,” Science, vol. 311 (Feb. 10, 2006), pp. 864–68; Sabrina S. Burmeister et al.,“Rapid Behavioral and Genomic Responses to Social Opportunity,” PloS Biology, vol. 3, no. 11 (Nov.2005), pp. 1996–2004; Helen E. Fox et al.,“Stress and Dominance in a Social Fish,”JN, vol. 17, no. 16 (Aug. 15, 1997), pp. 6463–69; D. Caroline Blanchard et al.,“Subordination Stress,” Behavioural Brain Research, vol. 58 (1993), pp. 113–21;Robert O. Deaner et al.,“Monkeys Pay Per View,” CB, vol. 15 (March 29, 2005), pp.543–48; Drake Morgan et al.,“Social Dominance in Monkeys,” NNS, vol. 5, no. 2(Feb. 2002), pp. 169–74.

[21] Susanne Erk et al.,“Cultural Objects Modulate Reward Circuitry,” Neuro Report, vol.13 (2002), pp. 2499–2503.

[22] Michael R. Hagerty,“Social Comparison of Income in One’s Community,” JPSP,vol. 78 (2000), pp. 746–71; Alois Stutzer,“The Role of Income Aspirations in Individual Happiness,” JEBO, vol. 54 (2004), pp. 89–109; Andrew E. Clark and Andrew J. Oswald,“Satisfaction and Comparison Income,” Journal of Public Economics, vol. 61 (1996), pp. 359–81; Ed Diener et al.,“Factors Predicting the Subjective Well-Being of Nations,” JPSP, vol. 69 (1995), pp. 851–64; Michael Argyle,“Causes and Correlates of Happiness,” in W-B, pp. 353–73; H. L. Mencken,“Masculum et Feminam Creavit Eos,” in A Mencken Chrestomathy (New York:Knopf, 1978), p. 619; David Neumark and Andrew Postlewaite,“Relative Income Concerns and the Rise in Married Women’s Employment,” Journal of Public Economics, vol. 70 (1998), pp. 157–83; Michael McBride,“Relative-Income Effects on Subjective Well-Being in the Cross-Section,” JEBO, vol. 45 (2001), pp.251–78 (the finding about a brother-in-law’s income holds when both sisters are nonworking);“Affluent Americans and Their Money,” survey for MM by Roper ASW(2002), p. 46.

[23] Richard J. Davidson,“Affective Style, Psychopathology, and Resilience,” AP, vol.55, no. 11 (Nov. 2000), pp. 1196–1214; Melissa A. Rosenkranz et al.,“Affective Style and in vivo Immune Response,” PNAS, vol. 100, no. 19 (Sept. 16, 2003), pp.11148–52; Richard J. Davidson et al.,“Alterations in Brain and Immune Function Produced by Mindfulness Meditation,” Psychosomatic Medicine, vol. 65 (2003), pp.564–70; Carol D. Ryff et al.,“Positive Health,” PTRSLB, vol. 359 (2004), pp. 1383–94; Andrew Steptoe et al.,“Positive Affect and Health-Related Neuroendocrine,Cardiovascular, and Inflammatory Processes,” PNAS, vol. 102, no. 18 (May 3,2005), pp. 6508–12; Erik J. Giltay et al.,“Dispositional Optimism and All-Cause and Cardiovascular Mortality in a Prospective Cohort of Elderly Dutch Men and Women,” Archives of General Psychiatry, vol. 61 (Nov. 2004), pp. 1126–35; Carol D. Ryff et al.,“Psychological Well-Being and Ill-Being,” Psychotherapy and Psychosomatics, vol. 75 (2006), pp. 85–95.

[24] Alice M. Isen,“Positive Affect and Decision Making,” in Michael Lewis and Jeannette M. Haviland-Jones, Handbook of Emotions (New York: Guilford, 2004),pp. 417–35; Barbara L. Fredrickson,“The Broaden-and-Build Theory of Positive Emotions,” PTRSLB, vol. 359 (2004), pp. 1367–77; Sonja Lyubomirsky et al.,“The Benefits of Frequent Positive Affect,” PB, vol. 131, no. 6 (2005), pp. 803–55; Ed Diener et al.,“Dispositional Affect and Job Outcomes,” SIR, vol. 59 (2002), pp. 229–59; Carol Graham et al.,“Does Happiness Pay?” JEBO, vol. 55 (2004), pp. 319–42;Barry M. Staw et al.,“Employee Positive Emotion and Favorable Outcomes at the Workplace,” Organization Science, vol. 5 (1994), pp. 51–71; Andrew W. Lo,“Fear and Greed in Financial Markets,” AER, vol. 95, no. 2 (2005), pp. 352–59.

[25] JZ telephone interview with Barnett Helzberg, June 25, 2003; Bob Woodward,“How Mark Felt Became ‘Deep Throat,’” Washington Post, June 2, 2005, p. A1; JZ telephone interview with Richard Wiseman, June 16, 2003; JZ,“Are You Lucky?”MM, Aug. 2003, p. 85; Richard Wise-man,“The Luck Factor,” Skeptical Inquirer,May/June 2003, pp. 26–30, and The Luck Factor (New York: Miramax Books, 2003);www.luckfactor.co.uk.

[26] Robert K. Merton and Elinor Barber, The Travels and Adventures of Serendipity(Princeton, N.J.: Princeton University Press, 2004); http://members.aol.com/spencerlab/history/readdig.htm; www.raytheon.com/about/history/leadership/index.html; www.ieee-virtual-museum.org/collection/tech.php?id=2345891&lid=1.

[27] George Ainslie, Picoeconomics (Cambridge, U.K.: Cambridge University Press,1992) and Breakdown of Will (Cambridge, U.K.: Cambridge University Press, 2000);Shane Frederick et al.,“Time Discounting and Time Preference,” in TAD, pp. 13–86;Richard Thaler and George Loewenstein,“Intertemporal Choice,” in Richard H.Thaler, The Winner’s Curse (Princeton, N.J.: Princeton University Press, 1992), pp.92–106; Thomas C. Schelling, Choice and Consequence (Cambridge, Mass.: Harvard University Press, 1984), pp. 57–82.

[28] Alex Kacelnik,“The Evolution of Patience,” in TAD, pp. 115–38; Alex Kacelnik and Melissa Bateson,“Risky Theories,” American Zoologist, vol. 36, no. 4 (Sept. 1996),pp. 402–34; Leonard Green and Joel Myerson,“Exponential versus Hyperbolic Discounting of Delayed Outcomes,” American Zoologist, vol. 36, no. 4 (Sept. 1996),pp. 496–505; Joel Myerson and Leonard Green,“Discounting of Delayed Rewards,”JEAB, vol. 64, no. 3 (Nov. 1995), pp. 263–76.

[29] EBRI Issue Brief, Jan. 2006, www.ebri.org/pdf/briefspdf/EBRI_IB_01-20061.pdf; Ronald T. Wilcox,“Bargain Hunting or Star Gazing,” JB, vol. 76, no. 4(2003), pp. 645–63; Edward S. O’Neal,“Mutual Fund Share Classes and Broker Incentives,” FAJ, Sept.–Oct. 1999, pp. 76–87; Lawrence M. Ausubel,“The Failure of Competition in the Credit Card Market,” AER, vol. 81, no. 1 (1991), pp. 50–81;Jonathan Clements,“Why It Pays to Delay,” WSJ, Apr. 23, 2003, p. D1; www.tiaa-crefinstitute.org/research/papers/070102.html; Stefano Della Vigna and Ulrike Malmendier,“Contract Design and Self-Control,” QJE, vol. 119, no. 2 (May 2004),pp. 353–402; John T. Warner and Saul Pleeter,“The Personal Discount Rate,” AER,vol. 91, no. 1 (March 2001), pp. 33–53; Shlomo Benartzi and Richard H. Thaler,“Risk Aversion or Myopia?,” MS, vol. 45, no. 3 (March 1999), pp. 364–81.

[30] George Ainslie and John Monterosso,“A Marketplace in the Brain,” Science, vol.306 (Oct. 15, 2004), pp. 421–23; Samuel M. McClure et al.,“Separate Neural Systems Value Immediate and Delayed Monetary Rewards,” Science, vol. 306 (Oct.15, 2004), pp. 503–7; JZ interview with Jonathan Cohen and Samuel McClure, Nov.2004.

[31] Walter Mischel et al.,“Delay of Gratification in Children,” Science, vol. 244 (May 26, 1989), pp. 933–38; Walter Mischel et al.,“Sustaining Delay of Gratification over Time,” TAD, pp. 175–200; John Ameriks et al.,“Measuring Self-Control” (Feb.2004), www.nber.org/papers/W10514; JZ,“Tie Me Down and Make Me Rich,” MM,May 2004, p. 119; JZ telephone interview with Andrew Caplin, March 16, 2004.

[32] James J. Choi et al.,“Saving for Retirement on the Path of Least Resistance” (July 2004), http://post.economics.harvard.edu/faculty/laibson/papers/savingretirement.pdf; JZ telephone interviews with David Laibson, Nov. 11, 2005, and Joseph Ferrari,Nov. 15, 2005; JZ,“Do It Now,” MM, Jan. 2006, pp. 80–81.

[33] Heather P. Lacey et al.,“Hope I Die Before I Get Old,” JOHS, vol. 7 (2006), pp.167–82; JZ e-mail interview with Lacey, Aug. 15, 2006.

[34] A. Rösler et al.,“Effects of Arousing Emotional Scenes on the Distribution of Visuospatial Attention,” Journal of the Neurological Sciences (2005), pp. 109–16;Mara Mather et al.,“The Allure of the Alignable,” JEP, vol. 134, no. 1 (2005), pp.38–51; Susan Turk Charles et al.,“Aging and Emotional Memory,” JEP, vol. 132, no. 2 (2003), pp. 310–24; Mara Mather,“Why Memories May Become More Positive as People Age,” in Bob Uttl et al., Memory and Emotion (Malden, Mass.: Blackwell,2006), pp. 135–58.

[35] Mara Mather et al.,“Amygdala Responses to Emotionally Valenced Stimuli in Older and Younger Adults,” PS, vol. 15, no. 4 (2004), pp. 259–63; Leanne M.Williams,“The Mellow Years?” JN, vol. 26, no. 24 (June 14, 2006), pp. 6422–30;Laura L. Carstensen et al.,“Aging and the Intersection of Cognition, Motivation,and Emotion,” in James E. Birren and K. Warner Schaie, eds., Handbook of the Psychology of Aging (San Diego: Academic Press, 2006), pp. 343–62. It is possible that the amygdala’s ability to process negative emotions may decay with age,leaving positive processing intact; see Faith M. Gunning-Dixon et al.,“Age-Related Differences in Brain Activation during Emotional Face Processing,” Neurobiology of Aging, vol. 24 (2003), pp. 285–95.

[36] Johnny Mercer and Harold Arlen,“Ac-Cent-Tchu-Ate the Positive” (1944).

[37] Hans-Ulrich Wittchen et al.,“Lifetime Risk of Depression,” British Journal of Psychiatry, vol. 26, supplement (Dec. 1994), pp. 16–22; Susan T. Charles and Laura L. Carstensen,“A Life Span View of Emotional Functioning in Adulthood and Old Age,” Advances in Cell Aging and Gerontology, vol. 15 (2003), pp. 133–62; John F.Helliwell and Robert D. Putnam,“The Social Context of Well-Being,” PTRSLB, vol.359 (2004), pp. 1435–46; Business Week, Aug. 13, 1979, pp. 54–59. I am grateful to William Bernstein for calling the“old fogies” line to my attention.

[38] Robert Browning,“Rabbi Ben Ezra,” lines 1–3, from Dramatis Personae (1855).

[39] “You don’t have to be rich to be happy” is a favorite phrase of my colleague Jean Chatzky of Money magazine (see her book You Don’t Have to Be Rich [New York:Portfolio, 2003]); Fred B. Bryant et al.,“Using the Past to Enhance the Present,”JOHS, vol. 6 (2005), pp. 227–60.

[40] M. Joseph Sirgy et al.,“Does Television Viewership Play a Role in the Perception of Quality of Life?” Journal of Advertising, vol. 27, no. 1 (1998), pp. 125–42.

[41] JZ telephone interview with Goldfine, Aug. 28, 2006.

[42] Barbara L. Fredrickson,“Extracting Meaning from Past Affective Experiences,”C&E, vol. 14, no. 4 (2000), pp. 577–606; Dan Ariely and Ziv Carmon,“Gestalt Characteristics of Experiences,” JBDM, vol. 13, no. 2 (2000), pp. 191–201.

[43] Neal J. Roese and Amy Summerville,“What People Regret Most . . . and Why,”PSPB, vol. 31, no. 9 (Sept. 2005), pp. 1273–85.

[44] Daniel Read et al.,“Four Score and Seven Years from Now,” MS, vol. 51, no. 9 (Sept.2005), pp. 1326–35; Nava Ashraf et al.,“Tying Odysseus to the Mast” (July 2005),http://ssrn.com/abstract=770387.

[45] JZ e-mail interview with Richard Wiseman, June 27, 2003; JZ,“Are You Lucky?,”MM, Aug. 2003, p. 85. The article I read in the airport was Michael S. Gazzaniga,“The Split Brain Revisited,” SA, July 1998, pp. 50–55. (See Chapter Four,“Pigeons,Rats, and Randomness,” p. 57.)

[46] Roy F. Baumeister et al.,“Ego Depletion,” JPSP, vol. 74, no. 5 (1998), pp. 1252–65;Roy F. Baumeister and Kathleen D. Vohs,“Willpower, Choice, and Self-Control,” in TAD, pp. 201–16; JZ telephone interview with Laibson, Nov. 11, 2005.

[47] Martin E. P. Seligman et al.,“Positive Psychology Progress,” AP, vol. 60, no. 5 (2005),pp. 410–21; Martin E. P. Seligman et al.,“A Balanced Psychology and a Full Life,”PTRSLB, vol. 359 (2004), pp. 1379–81; www.edge.org/3rd_culture/seligman04/seligman_index.html; Kennon M. Sheldon and Sonja Lyubomirsky,“How to Increase and Sustain Positive Emotion,” Journal of Positive Psychology, vol. 1 (2006), pp.73–82; Martin E. P. Seligman, Authentic Happiness (New York: Free Press, 2002).

[48] Chu Kim-Prieto et al.,“Integrating the Diverse Definitions of Happiness,” JOHS,vol. 6 (2005), pp. 261–300; Ed Diener and Shigehiro Oishi,“The Nonobvious Social Psychology of Happiness,” Psychological Inquiry, vol. 16, no. 4 (2005), pp. 162–67;Leaf Van Boven and Thomas Gilovich,“To Do or to Have?,” JPSP, vol. 85, no. 6(2003), pp. 1193–1202; Sonja Lyubomirsky et al.,“Pursuing Happiness,” Review of General Psychology, vol. 9, no. 2 (2005), pp. 111–31; Kennon M. Sheldon and Sonja Lyubomirsky,“Achieving Sustainable Gains in Happiness,” JOHS, vol. 7 (2006),pp. 55–86; Charles T. Munger in Outstanding Investor Digest, Sept. 24, 1998, p.53; Richard M. Ryan and Edward L. Deci,“On Happiness and Human Potentials,”Annual Review of Psychology, vol. 52 (2001), pp. 141–66.