Date of Award

Spring 2005

Document Type

Legacy Thesis

Degree Name

Bachelor of Science (BS)


Finance and Economics


College of Business

First Advisor

Gerald Boyles


The growing field of behavioral finance evaluates the behavior of financial decision makers, within both the stock market and the corporate settings. This author, after researching the investment methodology of Warren Buffett believes that patience and fortitude are necessary behavioral components of a successful investment strategy. To test this hypothesis, this author has evaluated mutual fund data from Morningstar Principia Mutual Funds to determine if greater patience, as measured by lower fund turnover, and greater fortitude, as measured by a lower number of funds in the portfolio and a higher standard deviation, lead to higher returns.