Which Investing Personality Type Are You?

New research suggests that investors can be clearly divided into optimists and sceptics, and this influences their portfolio returns

John Rekenthaler 14 September, 2017 | 8:01AM

Are investment preferences are correlated with personality? Arguments that physical risk-takers prefer equities have come and gone, and have largely been discredited.

Now two professors from Finland’s University of Oulu, Andrew Conlin and Jouko Miettunen, have managed to combine share ownership data with investors’ psychological-testing records in a study called “Personality Traits and Portfolio Tilts Towards Value and Size”.

The psychological profile gives the results from a test called the Temperament and Character Inventory, which, the authors state, “has been used extensively in the fields of medicine and psychiatry”. The TCI test measures four personality traits, from which the authors select two: novelty-seeking and reward-dependence.

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About Author

John Rekenthaler

John Rekenthaler  John Rekenthaler is vice president of research for Morningstar.

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