BehaviouralStack
One of the enduring features of behavioural psychology as it applies to finance is the almost complete inability of those who are aware of it to actually apply it.
"The investor's chief problem — and even his worst enemy — is likely to be himself." - Benjamin Graham
Most financial content is built on a polite fiction: with enough data, the right tools, and a solid strategy, you’ll make rational decisions.
The uncomfortable truth is that investing is less about analysing markets and more about managing a brain that evolved to avoid predators. Panic and overconfidence run rife.
The writers below have spent serious time in this space. They range from rigorous and research-heavy to accessible and irreverent, but they share one thing: they’re more interested in why investors behave the way they do than in telling you what to buy next.
If I had to pick three to start with: Morgan Housel for the big picture thinking, Nick Maggiulli for data-grounded behavioural analysis, and Joachim Klement for something more academically rigorous.
Collaborative Fund (Morgan Housel) — Collaborative Fund
Probably the best-known writer on investing psychology. Covers risk perception, patience, narratives, emotional decision-making. Start here if you want timeless insights.
Jason Collins — Behavioral Economics
One of the most pure behavioral economics Substacks. Covers biases, heuristics, incentives, and decision-making frameworks as well as data science & AI. A mix of academic insight and real-world applications.
Joachim Klement — Klement on Investing
Draws on academic research in behavioral finance to analyse market anomalies, investor biases, and what actually drives returns. More technical than most on this list.
Larry Swedroe — Larry’s Substack
Like Klement, Swedroe’s work is evidence based and research-heavy. He also reviews peer-reviewed finance research and translates academic findings into practical investing decisions. Covers topics like factor investing (value, momentum, quality), market efficiency, risk premia, portfolio construction
Nir Eyal — Nir And Far by Nir Eyal
More broadly about behaviour design and habit formation. Useful for understanding why investors behave irrationally. Helps with self-control and habit-building in investing.
Nick Maggiulli — Of Dollars and Data
Data-driven behavioral insights. Explains why people invest poorly (and how to avoid it). Excellent mix of numbers + psychology.
kyla scanlon — Kyla’s Newsletter
Focuses on economic narratives and sentiment. Explores how stories drive markets. Very relevant for modern market psychology.
Bob Seawright — The Better Letter
Behavioural finance is a recurring theme but not the sole focus. Thoughtful, literary essays on decision-making, cognitive biases, and the psychology behind financial mistakes. Less well-known than Housel but highly regarded among serious readers.
Trungphan2 — SatPost
Explores business and economic phenomena through human behaviour. Entertaining but insightful. Lighter, story-driven insights.
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MarketStack is an independent, anonymous publication summarising publicly available commentary and views from across financial media. Nothing here constitutes financial advice or a recommendation to buy, sell or hold any security. All views are a synthesis of public information. Past performance is not a guide to future results. This publication is not authorised or regulated by the Financial Conduct Authority. The author writes anonymously in a personal capacity.