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Deep Dive: When investors make mistakes, and they always do, this manager pounces and profits

Investors expect active money managers to outperform benchmark indexes. Many strategies can succeed in the long term, but it can be difficult for the average investor to wait patiently.

Raife Giovinazzo, the manager of the Fuller & Thaler Behavioral Small-Cap Equity Fund FTHFX, -0.40% described how he has made use of the research and theories of behavioral economist Richard Thaler to gain an edge on stock selection and timing by taking advantage of “mistakes” by investors, money managers and analysts.

Thaler, a professor at the University of Chicago Booth School of Business, was awarded the Nobel Memorial Prize in Economic Sciences in 2017 for his work in behavioral economics.

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