investor
An investor is a person who allocates financial capital with the expectation of a future Return on capital, return (profit) or to gain an advantage (interest). Through this allocated capital most of the time the investor purchases some specie ...
, who founded and is chairman of Dreman Value Management, an
investment company
An investment company is a financial institution principally engaged in holding, managing and investing securities. These companies in the United States are regulated by the U.S. Securities and Exchange Commission and must be registered under the ...
.
Dreman has published many scholarly articles and he has written four books. Dreman also writes a column for ''
Forbes
''Forbes'' () is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. ''Forbes'' also re ...
Journal of Behavioral Finance
The ''Journal of Behavioral Finance'' is a quarterly peer-reviewed academic journal that covers research related to the field of behavioral finance. It was established in 2000 as ''The Journal of Psychology and Financial Markets''. The founding B ...
.
Personal
Dreman was born in
Winnipeg, Manitoba
Winnipeg () is the capital and largest city of the province of Manitoba in Canada. It is centred on the confluence of the Red and Assiniboine rivers, near the longitudinal centre of North America. , Winnipeg had a city population of 749,6 ...
, Canada in 1936. His father, Joseph Dreman, was a prominent trader on the Winnipeg Commodity Exchange for many years.
Education
David Dreman graduated from the
University of Manitoba
The University of Manitoba (U of M, UManitoba, or UM) is a Canadian public research university in the province of Manitoba.
Career
After graduating, he worked as director of research for Rauscher Pierce, senior investment officer with Seligman, and senior editor of the Value Line Investment Service. In 1977, he founded his first investment firm, Dreman Value Management, LLC., and has served as its president and chairman.
The Dreman fund family was eventually bought by Kemper, which was then bought by
Scudder Scudder, a surname, may refer to:
People
* Bernard Scudder, translator from Icelandic to English
* Edward W. Scudder (1822-1893), Justice of the New Jersey Supreme Court
* Horace Scudder, American editor
* Henry Scudder (clergyman) (d. 1659?), E ...
, which itself was bought by
Deutsche Bank
Deutsche Bank AG (), sometimes referred to simply as Deutsche, is a German multinational investment bank and financial services company headquartered in Frankfurt, Germany, and dual-listed on the Frankfurt Stock Exchange and the New York Sto ...
. In 2009 his firm chose to hold on to banking stocks as they were crashing, in line with his contrarian value investing philosophy. As a result, his firm was removed from management of his flagship DWS Dreman High Return Equity Fund by the board of Deutsche Bank, citing weak performance.The New York Times: David Dreman, Contrarian Fund Manager, Exits Unbowed, By FLOYD NORRIS, Published: April 9, 2009 /ref>
Books
*''Psychology and the Stock Market: Investment Strategy Beyond Random Walk''. 1977. American Management Association. .
*''Contrarian Investment Strategy: The Psychology of Stock Market Success''. 1980. Random House. .
*''The New Contrarian Investment Strategy''. 1982. Random House. .
*''Contrarian Investment Strategies: The Next Generation''. 1998. Simon & Schuster. .
*''Contrarian Investment Strategies: The Psychological Edge''. 2012. Free Press. .
Dreman has written many more articles. These are just a sampling of some of the more recent articles.
*''Do Contrarian Strategies Work Within Industries?'' David Dreman and Eric Lufkin, 1997. ''Journal of Investing'' abstract *''Analyst Forecast Errors and Their Implications for Security Analysis''. David Dreman and M.A. Berry, 1995. ''Financial Analysts' Journal''.
*''Investor Overreaction: Evidence that its Basis is Psychological''. David Dreman and Eric Lufkin, 2000.
*''Bubbles and the Role of Analysts' Forecasts''. David Dreman, 2002. ''The Journal of Psychology and Financial Markets'' (now The Journal of Behavioral Finance).
*''A Report on the March 2001 Investor Sentiment Survey''. David Dreman, S. Johnson, D. MacGregor and
Paul Slovic
Paul Slovic (born 1938 in Chicago) is a professor of psychology at the University of Oregon and the president oDecision Research Decision Research is a collection of scientists from all over the nation and in other countries that study decision- ...
, 2001. ''The Journal of Psychology and Financial Markets'' (now The Journal of Behavioral Finance) article