STANDARD DEVIATIONS PODCAST: Dr. Tom Howard – Behavioral Finance and Asset Management


This week on the Standard Deviations Podcast, Dr. Daniel Crosby is joined by Tom Howard of Athena.

Dr. Howard oversees Athena’s ongoing research which has led to a number of patents, industry publications and conference presentations. Dr. Howard is a Professor Emeritus at the Reiman School of Finance, Daniels College of Business, University of Denver where he taught courses and published articles for over 30 years in the areas of investment management and international finance.

Professor Howard’s thought leadership in Behavioral Portfolio Management has generated significant interest across the country with record downloads of his “Behavioral Portfolio Management” white paper and presentations at the Investment Management Consultants Association® (IMCA®) 2013 Annual Conference and Financial Advisor Magazine’s 4th Annual Innovative Alternatives Conference. Articles by Dr. Howard have been among the most widely read on sites such as, and

Tune in to hear:

  • Why does behavioral investing often get focused on less than other elements of behavioral finance
  • What role should pessimistic forecasts play, if any, in our financial decision making?
  • What are some behavioral barometers that can give us meaningful insights into forward return suggestions? What clues does he think these are providing in this particular moment?
  • If we do away with style boxes how will we differentiate appropriate style drift from just sloppy, undisciplined investing?
  • What will it take for there to be a renaissance in active management and do certain market conditions better lend themselves to active vs. passive management?
  • om suggests that behavior is the key to persistent alpha and that there’s a possibility for more active alpha persistence than was previous thought possible. What does his research around this show?

Compliance Code: 0126-OAS-1/17/2023


Educated at Brigham Young and Emory Universities, Dr. Daniel Crosby, the personality behind STANDARD DEVIATIONS podcast, is a psychologist and behavioral finance expert who helps organizations understand the intersection of mind and markets.

Dr. Crosby’s first book, Personal Benchmark: Integrating Behavioral Finance and Investment Management, was a New York Times bestseller. His second book, The Laws of Wealth, was named the best investment book of 2017 by the Axiom Business Book Awards and has been translated into Japanese, Chinese, Vietnamese and German. His latest work, The Behavioral Investor, is an in-depth look at how sociology, psychology and neurology all impact investment decision-making.