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Understanding How Social Media Affects Investor Biases

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Understanding How Social Media Affects Investor Biases A reprinted article from September/October 2019 Understanding How Social Media Affects Investor Biases By April Rudin ® © 2019 Investments & Wealth Institute®, formerly IMCA. Reprinted with permission. All rights reserved. SEPTEMBER OCTOBER FEATURE 2019 Understanding How Social Media Affects Investor Biases By April Rudin he concept of behavioral bias has Behavioral biases change, depending on But people continue to look to social long existed in the investment what investors are exposed to. It will cer- media for information. Analytics pro- Tindustry. Wealth managers tainly be no surprise to anyone that vider Greenwich Associates found in a know that clients come to them with since the internet was introduced, inves- 2015 study that four out of five institu- preconceived notions about how they tor behaviors have changed drastically. tional investors frequently use social want to approach their investment Social media has spurred even more media at work.4 Of the 250 asset owners strategies—whether or not they actually changes, as has been evident in recent interviewed for the report, almost one- know it. For advisors this means global elections. In theory, the vast third said that the information they dealing with the biases of their clients, amount of information available online consumed through social media has conscious and unconscious, as they find should help individuals become better influenced their investment decisions. appropriate investments and manage educated and expose them to new ideas risk appetites. Likewise, LinkedIn found that a fourth of U.S. high-net-worth (HNW) individuals UNDERSTANDING say that they turn to social networks for BEHAVIORAL BIASES Behavioral biases change, financial purposes, including keeping up When we speak about economics and depending on what to date on trends, seeking advice and financial theory, we assume that individ- investors are exposed to. gathering information in relation to a uals act rationally, making decisions financial decision, and gathering infor- after considering all the available infor- It will certainly be no mation about financial products and mation. But the market is not rational, surprise to anyone that institutions.5 and neither are individuals. Behavioral since the internet was finance takes that reality into consider- And that just takes into account the con- ation, as the CFA Institute writes.1 All introduced, investor scious biases. It should not be hard to investors experience common cognitive behaviors have changed imagine from one’s own social media biases including mental accounting, drastically. use just how much posts from friends, familiarity, overconfidence, and loss media headlines, and advertisements aversion. can seep into one’s thoughts. U.S. financial services firm Raymond and information. But the prolific use Headline risks are amplified when indi- James in March 2019 found in a study of Twitter as an information platform viduals see constant flashes of news that more than two in fiveself -described by politicians and others demonstrates across their phone screens. Online con- “calculated” respondents say that their how important social media is in sharing versations can help educate investors, emotions are extremely or very influen- facts—and also falsehoods and opinions. but at the same time they can create tial in their investment decisions.2 About Now investors have to deal with their insulated bubbles of information that are 45 percent also say that news headlines own biases as well as the permeation not always accurate. Today’s investors are a significant factor in theirdecision - of the biases of others, as iSPYETF live in an era of “fake news” and misin- making. Those numbers show that even founder Simon Maierhofer pointed out formation. Many will be able to filter investors who consider themselves ratio- in a MarketWatch article.3 Every head- information as it comes to them, but nal and logical may be letting emotions line, blog, or tweet conveys someone wealth managers need to be prepared for and outside influences sway their finan- else’s bias and has to be filtered through the challenges associated with this type cial choices. our own. of news consumption. 40 INVESTMENTS & WEALTH MONITOR © 2019 Investments & Wealth Institute, formerly IMCA. Reprinted with permission. All rights reserved. SEPTEMBER FEATURE | UNDERStaNDING HOW SOCIAL MEDIA AFFECTS INVESTOR BIASES OCTOBER 2019 So, how then does the 24-7 cycle of because they often can afford to be early bursting. Even though they likely information living on the internet and adopters of new technology. New tech- weren’t investing at the time of those through social media affect our under- nology is usually more expensive than market downturns, the echoing effects standing of behavioral finance? the average person can immediately have left millennials feeling sensitive afford. Accenture Consulting found that about losses in their portfolios and may FACING CHALLENGES more than 40 percent of the wealthy have led them to cautious investment IN A 24-7 WORLD investors they surveyed consider them- strategies. With easy access to a vast array of web- selves to be early adopters of technology.9 sites, blogs, infographics, and photos, Another of the most common challenges anyone who uses the internet faces an investors face in the social media era is information overload. Sometimes it’s a that of “herding.” Herding is the “every- slippery slope of Wikipedia pages as we These groups are easy to one else is doing it” mindset, or “fear of research a new topic. Other times it’s spot on social media, missing out” at its finest. Social media headline after headline on topics such as through friend connections, marketing company Buffer calls it the the U.S.-China trade war. When infor- “bandwagon effect.” Buffer looks at such mation is presented as “breaking news” professional contacts, and groupthink through a marketing lens it adds another layer, overwhelming or group pages, be it alumni with regard to product sales, but the confusing people. groups, neighborhood effect is similar with investors. The“ idea is that the rate of uptake of beliefs, It seems unlikely though that the associations, or other ideas, fads and trends increases the overload of information is going to factions that people self- more that they have already been turn people away from the internet. select to associate with. adopted by others,” the Buffer team According to a survey from research wrote in a recent blog post.12 provider Global Web Index, internet users spend an average of two hours After all, as Buffer points out, “people and 22 minutes per day just on social For those who are loss averse, frighten- prioritize products and ideas that are networking and messaging platforms.6 ing headlines about market downturns popular with a group they’ve aligned Younger investors spend more time on or impending volatility can cause knee- themselves with.” These groups are easy these platforms, with those between jerk reactions. These investors will be to spot on social media, through friend ages 16 and 24 averaging three hours prone to hasty decisions, driven by their connections, professional contacts, and per day on social media. Those older emotions after they see a headline or group pages, be it alumni groups, neigh- than age 45 spend less than two hours, post bemoaning the fall of commodities, borhood associations, or other factions but still more than one, on average. for instance. It can be challenging to that people self-select to associate with. keep a client focused on long-term The reality is that just about everyone, no goals when all they see is near-term It’s not uncommon for people to matter their age, gender, or wealth, has sell-offs and market corrections that embrace the herd mentality in life in adopted the internet as a part of their leave them feeling hurt. harmless ways, such as jumping onto a lives. In many ways, it has become a great new fitness trend or visiting a certain democratizer. A PwC study found that Investors know it too. Seven out of 10 cafe for the sake of a good Instagram 98 percent of HNW individuals access investors say that news headlines influ- post. Following friends into these trends the internet daily, and they expect online ence their investment decisions, is normal and innocent. But as Seattle- and digital access to be incorporated in according to a study from Raymond based Millennial Wealth points out on many aspects of their lives, including James.10 About 35 percent of investors its website, marketers and “influencers” their investments.7 Even though these say that their emotions are extremely or use this exact tendency to target individ- wealthy individuals tend to be older, very influential to their investments. uals and influence buying decisions.13 they also use social media. LinkedIn reported that 70 percent of U.S. HNW This challenge is especially prevalent And smart social media posters know individuals use social media.8 About half among younger investors, as CNBC how to get clicks. They post headlines, access social media on a tablet, and two pointed out in a recent article.11 The tweets, and comments that say things in five use mobile phones, which makes millennial investors that were inter- such as, “Three investment trends you’re access even easier than a desktop. viewed remember how the financial missing out on,” or “Five ways to save crisis hit right around the time that they money that you haven’t thought of Likewise, many HNW individuals con- were looking for their first jobs. Some of before,” or maybe “Making this million- sider themselves to be quite tech savvy, them also remember the tech bubble aire’s secret work for you.” These word INVESTMENTS & WEALTH MONITOR 41 © 2019 Investments & Wealth Institute, formerly IMCA. Reprinted with permission. All rights reserved. © 2019 Investments & Wealth Institute, formerly IMCA.
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