Andy Reed: Inertia Is the Most Powerful Force in Behavioral Finance
Vanguard’s head of behavioral economics research on the power of default options, how investors change as they get older, and the future of financial advice.
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Show Notes
Background
Articles and Papers Discussed
“The Theory Behind the Age-Related Positivity Effect,” Andrew Reed and Laura Carstensen, NIH.gov, Sept. 27, 2012.
“Investing Without Blind Spots,” Better Vantage podcast, Nov. 12, 2025.
“Out of Sight, Out of Market: The IRA Cash Drag,” by Andy Reed et al., Vanguard.com, Sept. 5, 2024.
“Advisors and Investors Split on Inflation, Bond Views,” by Xiao Xu and Andy Reed, Vanguard.com, Sept. 12, 2025.
“Stress, Debt, and the Power of Planning,” by Anna Madamba and Andy Reed, Vanguard.com, April 9, 2025
“Improving Retirement Outcomes by Default: The Case for an IRA QDIA,” by Andy Reed, et al., Vanguard.com, July 2024.
"Maximizing versus Satisficing: Happiness Is a Matter of Choice," by Barry Schwartz, Andrew Ward, et al., NIH.gov, November 2002.
“The Ostrich Effect: Selective Attention to Information,” George Loewenstein and Duane Seppi, CMU.edu, Feb. 11, 2009.
“Inside the Minds of Equity Income Fund Investors,” Sharon Hill and Paulo Costa, Vanguard.com, Aug. 26, 2025.
“Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors,” Brad Barber and Terrance Odean, Berkeley.edu, April 2000.
Books Discussed
The Paradox of Choice: Why More Is Less, by Barry Schwartz
Nudge: Improving Decisions About Health, Wealth, and Happiness, by Richard Thaler and Cass Sunstein
The Elements of Choice: Why the Way We Decide Matters, by Eric Johnson
Other
“Was Bogle’s Princeton Thesis Eerily Prescient?” by Jess Bebel, Morningstar.com, May 27, 2022.
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