Investing Strategies Of Romanian Retail Investors Before And During Crisis (2006-2009)

There are plenty empirical studies in international literature, which investigate decision-making strategies of retail investors (Gelos & Wei, 2002, Lucey & Dowling, 2005, etc.). The majority of this studies include: fundamental analysis, technical analysis, a combination of technical analysis and fundamental analysis, brokers recommendations and financial reports. Using some elements investigated in the literature, our experience in stock markets and an enquiry over the investors behavior, our study shows what strategies increased the efficiency of the portfolio, in a period of maximum volatility on the Bucharest Stock Exchange (2006-2009). Basically, we note that, regardless of the economic cycle, those who used fundamental analysis in the decision making process, have been more successful than the rest.