Behavioral investors aim systematically to profit from investors’ incurable irrationality. It sounds crazy—but it appears to work. June 14, 2005 Russell Fuller, partner at Fuller & Thaler Asset Management in California, observes that all portfolio managers “try to find mispriced securities.” Yet in his quest, Fuller digs not only into conventional financial data but also into human psychology. Using psychology, Fuller seeks to identify investors’ irrational behaviors that cause stocks to be undervalued or overvalued. Fuller’s research partner is Richard Thaler, Professor of Economics and Behavioral Science at the University of Chicago Booth School of Business. Of course, Thaler is one of behavioral finance’s leading theorists. This discipline has existed in some form since the 1970s (some would argue for centuries). But since the tech-stock bubble burst in 2000, behavioral investing has emerged as a portfolio-management technique—highlighting just how irrational investor booms can be. Admittedly, behavioral investing still has a long way to go before it eclipses modern portfolio theory, which rests partly on the Nobel Prize–winning “efficient market hypothesis” advanced by Harry Markowitz and William Sharpe. The controversial hypothesis holds that markets are efficient because stock prices reflect all investors’ knowledge about a stock at any given moment. Behavioral finance argues precisely the opposite: so long as investors behave irrationally—as they often do—markets become highly inefficient and stocks severely mispriced. When behavioralists seek undervalued stocks to buy and overvalued ones to avoid (or short), they appear very similar to value investors. Yet for behavioralists, human psychology—not underlying corporate value—is the starting point. “The efficient-market theory tells us it’s impossible to beat the market,” says Woody Dorsey, president of Market Semiotics, a research firm headquartered in Castleton, Vermont, that uses behavioral methods to forecast markets for about 80 institutional clients—primarily large hedge funds. “Behavioral finance says you can.” In 2002, Princeton University psychology professor Daniel Kahneman won the Nobel Prize in Economics for his research integrating psychology and economics—greatly boosting Market Semiotics’ credibility among investors. In essence, Kahneman asserts that human investors fear losses more than they crave gains—unlike the coolly rational “economic man” posited by neoclassical economists. Human investors act based on how choices are framed and assess their economic well-being relationally—not absolutely. A key principle of Kahneman’s theory directly relates to securities markets: the “endowment effect” posits that people assign excessive value to things they already own—such as stocks.

Honeywell Announces Investment in China’s Leading Supply Chain Software Provider and Joint Venture to Expand Overseas Business

FORT MILL, S.C. and SHANGHAI, Dec. 7, 2017 /PRNewswire/ -- Honeywell (NYSE: HON), a Fortune 100 diversified, high-tech industrial company, today announced a strategic partnership with Shanghai Fulfill Information Technology Co., Ltd. (“Fulfill Tech”), a leading Chinese provider of warehouse management and supply chain software. Under the agreement, Honeywell will acquire a 25% equity stake in Fulfill Tech. Simultaneously, Honeywell will establish an overseas joint venture with Fulfill Tech’s founders to serve international customers. Honeywell will hold a 75% stake in the new joint venture, which will initially focus on expanding operations across the Asia-Pacific region. The acquisition of Fulfill Tech remains subject to approval by Chinese regulatory authorities and is expected to close by the end of the fourth quarter. Honeywell and Fulfill Tech Sign Strategic Partnership Agreement Honeywell and Fulfill Tech Sign Strategic Partnership Agreement Fulfill Tech specializes in developing and implementing warehouse management systems (WMS) and other software solutions. As one of the industry’s leaders, its software systems are widely deployed across China’s rapidly growing e-commerce, apparel, pharmaceutical, retail, cold-chain logistics, manufacturing, and third-party logistics sectors. Fulfill Tech’s supply chain execution solutions encompass WMS, transportation management systems (TMS), order management systems (OMS), and data exchange platforms. Fulfill Tech’s software products and technologies will complement those of Honeywell’s Safety and Productivity Solutions business group, enabling integrated hardware-and-software solutions that enhance operational efficiency and safety while improving supply chain accuracy and capacity. John Waldron, President and CEO of Honeywell’s Safety and Productivity Solutions business group, said: “Fulfill Tech has delivered outstanding performance across diverse and fast-growing markets, and we’re thrilled to collaborate with this dynamic, emerging industry leader. Fulfill Tech’s strong software development capabilities align perfectly with Honeywell’s connected supply chain strategy—and synergize with Intelligrated’s deep expertise in warehouse automation. Fulfill Tech’s WMS, TMS, and OMS, combined with Honeywell’s data capture technologies, labor productivity tools, and warehouse automation solutions, empower us to meet our internet-era customers’ needs as comprehensively as possible.” Over the past decade-plus, Fulfill Tech has sustained rapid growth; its software solutions currently manage over 12 million square meters of warehouse space in China alone. During the recent Singles’ Day e-commerce shopping festival, Fulfill Tech’s WMS set another record for order processing volume, with a single customer warehouse achieving a peak daily shipment volume of 650,000 orders. Experts estimate that Asia-Pacific e-commerce sales currently exceed $1.3 trillion—and are projected to double to $3 trillion by 2021. Shi Zunli, Founder and CEO of Fulfill Tech, stated: “We are delighted to partner with Honeywell to further expand our business in China and play an active role globally in logistics and warehousing—delivering industry-leading warehouse management system solutions to even more customers.”

H. B. Fuller (NYSE:FUL) Stock: Insider Muhammad Shahbaz Malik Buys 479 Shares

Oct 19, 2026

H.B. Fuller VP Muhammad Shahbaz Malik bought 479 shares after reporting adjusted EPS of $1.52, beating estimates despite revenue missing expectations. Analysts maintain a Moderate Buy rating with a price target of $64.62.

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