Journal of Rational-Emotive & Cognitive-Behavior Therapy Volume 11, Number 1, Spring 1993

TEACHING RET IN THE F I N A N C I A L A N D INVESTMENT INDUSTRY William D. Criddle Independent Practice, Seattle, WA

Having dabbled (quite seriously at times) in investing for over twenty years, it became quite apparent to me a few years ago that one of the primary inhibitors to success was the fact that strong emotions interfered with the clear and objective thinking required of profitable investing. This idea has been reinforced in numerous books on successful investing and trading (Lefevre, 1980; Bernstein, 1986; Schwager, 1989). However, as so often is the case when dealing with problem emotions, few, if any, effective measures have been taken in the investment industry to solve this problem. Applying my background in RET to the emotional interference I was experiencing in my investing resulted in much more comfortable as well as profitable investing--a result that I found could be marketed to the world of finance and investment.

THE WORLD OF THE FINANCIAL AND INVESTMENT INDUSTRY The financial and investment industry is an infinitely more dangerous "emotional mine field" than the world of the amateur investor! First of all, the magnitude of the problem in the professional world is Address correspondence to William D. Criddle, Ph.D., Four Seasons Olympic, Suite 1200, 411 University Street, Seattle, Washington 98101. Bill Criddle is a managerial psychologist based in Seattle, Washington, where he consults with a variety of businesses on all kinds of psychological people-problems in the workplace. He has an MBA in management from the International Management Institute in Geneva, Switzerland, as well as his doctorate in Psychology. 19

9 1993HumanSciencesP~ss, Inc.

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Journai of Rational-Emotive & Cognitive-Behavio:"Therapy

a quantum leap beyond that of the a m a t e u r - - t h e difficult decisions I faced once or twice per week confront the professional daily, frequently many times per hour! Decisions must be made quickly, often in a matter of minutes or even seconds in the case of a floor trader, often with much less data than one ideally might want. Very large amounts of money are often at risk (millions of dollars in many cases), and it is not just that of the trader, broker or deal maker, but more often that of one's clients or one's firm. Losses are not only frequent, but they are also public in a sense that they are open to scrutiny by one's clients, peers and friends. In the world of commodity trading, it is expected that one will only be "right" (i.e., profit) on a very small percentage of one's trades, but that these will be handled in such a way so as to yield profits larger than all one's losses combined. With today's high technology, feedback as to the success or failure (profit or loss) of one's decisions is almost immediate when trading financial instruments (stocks, bonds, options, etc.). More often than not, traders and investors have developed or adopted a system for buying, selling and holding stocks, bonds, and commodities. These guidelines dictate to the individual when to buy or sell and often what to trade as well. However, following these guidelines despite of one's emotional responses to situations is very difficult! For instance, a typical rule is: "sell a position if it drops 10% from its previous high price." But, it is often the case that if one's favorite stock drops 13% from its high, the money manager feels "terrible" about selling it (he or she has just convinced himself that it is an excellent stock, has excitedly told his peers about it as well as sold his clients on it, and now he is down 13%!). "What a failure I'd be if I sold it here at a loss!" So the "self talk" begins: "I am sure this is a temporary dip; if I sold here and then it rebounded, as I know it will, I'd really feel stupid. But, what if it keeps going down with me holding on? Oh, shit! What should I do?" The anxiety level rises faster as the price drops another ~A point! The necessary discipline is very difficult to maintain in the face of reality! Fear, anxiety, depression, anger all start to interfere with objective thinking and decision making. Another critical element of success in the world of finance and investing is developing a growing pool of satisfied clients. The pressure to find new clients is especially severe for new brokers and money managers, but it exists directly or indirectly for everyone in the business. And the last thing most individuals want to do is "market," especially the "cold calling" or calling total strangers to try to convince them to become a client. The felt anxiety is very intense; thus there is

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more procrastination regarding cold calling then in almost any other facet of' the business. However, getting the clients is not the end of the road; in fact, it is just the beginning! The typical clients of brokers and money managers (the general public) come with an array of unusual and unrealistic ideas. Most are naive about the real world of investing. Many want immediate profits with minimal or no risk. Most have not actually experienced losses of their own hard-earned funds. Few can comprehend buying more when a stock is at an all-time high or selling at a loss. How well one has done at educating clients about the harsh realities of the market is often evident when the inevitable losses do finally come. The phone rings and you know it is the little old widow who now interprets your previous recommendation as a guarantee, and is ready to decapitate you over the phone for making such a stupid "error"! Dealing with upset clients, whether they are banks, other institutions, trusts, or individuals is always difficult and trying. To do it successfully, without losing the client, one must stay calm in a very adverse situation! Keeping oneself calm is difficult. Most individuals in the field do not have the specific tools to control their emotions in such situations, tools offered by RET. Individuals in the financial and investment industry experience additional stress from the fact that competition is intense. A multitude of firms, selling a wide variety of products (stocks, real estate, limited partnerships, mutual funds, precious metals, gems, coins, etc.), are daily selling, selling and selling! In the commercial or institutional world, banks, brokerage firms and other financial partnerships and institutions are vying for the limited number of deals looking for a "home." Within large firms, offices are pitted against offices for national recognition and awards. In addition, the most intense competition is often with one's office peers. Office performance charts are updated daily with large rewards for the best performer(s) of the year. And it is not uncommon to have to "compete against yourself" in that managers may establish an expected level of performance for each individual based on past performance plus expected growth. And compensation is almost always in the form of commissions or bonuses or a "share of the total profits" in this world of money. On all levels, intense competition is assumed to be a powerful motivator to both the individual and the office--but it also sows the seeds for potential emotional upset. Managing individuals who are attempting to cope with these numerous stresses (often without adequate psychological tools) is a real

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,.Sournaiof Rationai-Emotive& Cognitive-~3ehaviorTherapy

challenge! Sensitivity to the inevitable emotional turmoii is essential. The effective manager must be able to show such sensitivity and empathize with the individuals who are trying desperately to function professionally under considerable duress. The manager had best have a high frustration tolerance and have control of his or her emotional reactions. He or she must have excellent communication skills and the ability to be firm and assertive when necessary. Most managers have come through the ranks because of their success in deal-making, investing or selling, so they knew what the "business" is all about, yet they often have not been selected for the manager position as a result of their ability to manage people. Their people skills may be less than what the job requires.

EMOTIONAL AND BEHAVIORAL FALLOUT One can see from the above description that the workplace in the financial and investment industry is a "mine field" for the unsuspecting psyche! Without adequate psychological tools, a multitude of behavioral, emotional, and relationship problems show up in individuals in this industry. Emotionally, high levels of anxiety and worry are most common. There is anxiety about whether an investment or trade will go up, down or nowhere; about whether a deal will go through or what the other side will now want; about the reaction of clients to inevitable losses; about how to pay one's bills if one's performance has been poor. The situations do not have to be real, but are often imagined consequences in reaction to imagined problems: "What if I buy this and it goes down and my clients get angry and leave?" When things do go wrong, when deals do fall through or losses are experienced, selfblame, self-directed anger and depression are not uncommon. Or, if one is more externally focused, intense anger and blame can be dio rected at competitors, at the market, at clients, or at a particular investments. When individuals come out at the bottom of the heap in the office contest, depression and low self-esteem may result. Unfortunately, most individuals in the industry do not have the rational tools to effectively cope with these emotions in a constructive manner, and, thus, these feelings then play havoc with their attempts to think clearly and act rationally. Their performance deteriorates further, which just compounds the problem, continuing a vicious circle. Often attempts to handle these painful emotions result in unhealthy behaviors. In the "Go-Go" years of the '80s the press ofleri focused on

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the irresponsible living of the "high fliers" on Wall Street: cocaine use, extravagant parties and lifestyles, overspending and generally living beyond one's means with chauffeurs and summer homes in the Hamptons. Although this may have been true for a small portion of individuals, the majority lived more "normal" lives, though still having to cope with the emotional reactions to the difficult situations typical of their workplace. Within this majority, there also are a few individuals who exhibit severe psychopathology (severe depression, suicide attempts, alcoholism, etc.). And it is within this low-profile majority where the largest cost to the firms occur as a result of lost productivity from costly behaviors, which are a reaction to one's anxiety, fear, depression, low self-esteem and anger. These costly behaviors are really "opportunity costs" in a sense that they are not actual "operating expenses" but constitute lost potential revenues that could be actualized if the "neurotic" behavior were minimized or eliminated. Such costly behaviors are pervasive within the industry. A very common reaction to situations that are associated with high levels of anxiety is procrastination and avoidance. Cold-calling is put off "until tomorrow" with numerous rationalizations; calls from upset clients are not returned or put off for days; losing positions are ignored with a belief that magically it will turn around if left alone. Difficult decisions are made prematurely and impulsively just to feel the relief from the anxiety that is building, yet after the decision is made, new anxiety immediately sweeps in about what will happen next! Profitable trades, investments and deals are missed as a result of low self-esteem and low self-confidence after a loss; or after success, when self-esteem is high along with self-confidence, trades and deals may be made without adequate consideration and the stakes may be multiplied with the justification that "I'm on a roll nowmI can't lose!" When the negative emotions set in, not only is decision-making contaminated, but the ability to communicate effectively both with clients and peers is adversely effected. One becomes more irritable, less flexible and spontaneous, less able to handle tension in discussions, less able to negotiate effectively. When work and the workplace become associated with emotional discomfort, absenteeism rises and physical health deteriorates (over-eating, over-drinking, lack of energy are common symptoms). Also, some individuals react with over-work, which can be costly in that they usually do not work "smarter," but only longer and more fiercely, thus draining their energy, tiring themselves out, not getting needed sleep, recreation, nor good nutrition, and ironically overall performance deteriorates even more. These problems can't help but seriously effect relationships as well

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Journal ~f Rational-Emotive & Cog~itive-Behavior Therapy

as work performance. Marital problems and the potential for divorce go up dramatically as individuals become more preoccupied with. work, more irritable and less tolerant. Overall, their ability to function as a partner, and as a parent (if children are involved) deteriorates. Affairs are used to escape the discomfort with little thought given to the consequences. Relationships with peers, associates, partners, subordinates and superiors do not go unaffected and may also be damaged by the emotional upset and high level of tension, or the personalizing of the competition. And effectively managing individuals undergoing such stress is very difficult; in fact, in addition to the needed skills mentioned earlier, some basic counseling skills are very useful in handling these tense, stressed, and otherwise emotionally upset individuals. Again, a high frustration tolerance with an ability to understand some of the basic psychological dynamics is very useful--but more often than not, the managers do not have these skills and are thus extremely frustrated and can make matters worse as they also become irritable and less able to be understanding, firm and generally effective in handling a difficult and delicate situation. The bottom line is that the emotional and behavioral fallout is very expensive. Opportunities are missed, trades and investments are handled poorly, or at least less than optimally, deals and negotiations are fouled up, and old clients are lost while new ones go begging. If the decision-makers or gatekeepers in this industry can be made aware of these issues, and the associated costs to their firms, hopefully they will welcome a solution to the problem. And the solutions business people are most interested in are those that appear logical, straightforward, relatively simple, and ones that can bring relatively quick results--all characteristics of a Rational approach to solving the problem. Most are sick and tired of "touchy-feely psychobabble."

IRRATIONAL THINKING Using basic RET it is not difficult to spot the numerous irrational beliefs that are strewn throughout the psyches in the financial and investment industry (see Table 1). Because they are so overlapping across problem areas, it is most efficient to categorize them according to three basic types of irrationality: Catastrophizing, Demands and Self-evaluation (Walen, Giuseppe, & Wessler, 1980). Certainly Catastrophizing and Awfulizing are common place in the financial and investment industry! Such irrational thinking lies be-

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Table 1 Common Irrational Beliefs from the Financial/Investment Industry

Catastrophizing It is terrible to lose m o n e y - - I just can't stand it! Cold-calling is an awful thing to have to d o w ! just find it totally unbearable. My god, I just lost fifty grand! I know all my clients will leave me and my career is ruined! I know we'll get sued any day if these new brokers don't shape up!

Demands I should known better than to have bought that dog of a stock! Our fuckin' research department--how could they ever have recommended t h a t issue? They should know better than to ever recommend a n y t h i n g in t h a t industry! Those damn clients of mine should just shut up and let me do my work! He should know better than to yell at t h a t client like that!

Self-evaluation Look at that! Three losses in a row--I am a real loser! What is a dumbshit like me doing in this industry anyway! Look at that great call! I am a real super stud! I am on a roll--I can't lose now! My office came in fifteenth in the c o u n t r y - - w h a t a shitty manager I a m - - I should hang it up.

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Journal (~f fCatioria|-Emotive & Cognitive-Behavior Therapy

hind the pervasive anxiety about potential and/or reai "catastrophic" losses due to poor decisions, unexpected events that move markets, deals that fall through and so on. It is taken a step further when individuals imagine or begin to face the actual or fantasized consequences such as angry clients, loss of clients, "ruined" track records, lost bonuses, angry families, reductions in standards of living, angry bosses, ridicule within the office (if not public ridicule!) and ultimately "ruined careers." And on and on with all kinds of individualized and creative twists and turns! Managers certainly are not immune from these emotions, can catastrophize not only about their own potential errors and problems, but also about all those of uubordinateso Anxiety is usually associated with the anticipation of such events; depression comes with the reality. Depression is exacerbated by negative Self-evaluation. Helped by the industry standard ("You are a loser or a winner") the pervasive belief in the industry is that your self-worth is a direct function of your success, of your "gross," of your net worth, of your place in the office or regional or national hierarchy, or some other measure of performance. Thus, "shithood" is rampant! On the other hand, so is the problem of overconfidence, believing after success that "I am god's gift to the industry and can't lose!" (In some instances, the affirmation, "I a m a w i n n e r and I will profit on my trades" is advocated as a means to success rather than being viewed as the psychological setup for shithood that it is!). With the extremely fast pace in many areas of this industry (especially trading stocks, options, commodities, etc.) the swings from "shithood" to feeling euphoric about one's self can be both swift (happen within minutes) and severe. A real danger is how such feelings affect subsequent performance. "Shithood" often results in a "self-fulfilling prophecy," where severe self-doubt and intense depression contaminate future clear thinking and performance, thus losses or problems compound and the low self-worth and depression intensify. Overconfidence can have a similar effect, resulting in more careless, less meticulous thinking and irrational risk-taking based on the conclusion that one can't lose, is "on a roll," and thus errors are made~ losses come, and one's "self-worth based on performance" philosophy takes one swiftly into the depths of shithood and depression. Managers also can blame and berate themselves, not only for their own errors and problems, but also for the errors of their subordinates, thus further compounding their problems emotionally and most likely behaviorally. Compounding the catastrophizing and self-evaluating are the effects

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of irrational demanding and its resulting emotional consequences of rage and anger focused on any number of targets: one's self, the market, the investment instrument, competitors, peers, clients and so on. The anger and rage also severely impair clear thinking and resultant behavior. This is especially so when interacting with other individu a l s - i t can be devastating to interpersonal relationships. It can be most damaging in relationships with peers and with clients; even if one is not directly angry at the individual involved, the irritability and anger can easily contaminate the interaction and potentially sour the relationship--which can be costly in this industry which thrives on personal relationships. The performance of managers is also severely contaminated by demands, especially demands placed on their subordinates, which result in anger, blaming and even punishing--all very detrimental to the good interpersonal relationship needed for effective management. Unfortunately, irrational thinking is reinforced in the industry--in fact, more so than in almost any other! As mentioned above, the idea that "you are your performance" is standard. Listening to individuals in the industry talk, one frequently hears the awfuls and terribles, the shoulds and musts, the have-to's, the I should h a v e ' s . . , the assholes, the bastards, and other terms and phrases indicative of irrational beliefs. Thus, it is a real challenge to attempt to turn this around by the infusion of some rational thinking! However, to the extent that it can be accomplished, the bottom line will improve.

MARKETING THE PRODUCT To sell RET to the industry and to get RET into the workplace, one has to get in the door! And this is not always easy. Possibly because it is an acceptable and well-established tool within the investment industry, "cold calling" can be successful. Using any list of firms (financial institutions, banks, brokerage firms) that can be obtained from the library or the Yellow Pages is a good starting point. One can call and ask for the "director of training," who is often in the personnel department. At this point it is best to just sell the product enough to make a brief appointment to stop by for 10-15 minutes "to drop a brochure off, and so we can meet in person." If this approach is not successful, one can ask to send it; get the key person's name and address, and call a few days after they have received the information to discuss their response to it, and again try to set an appointment for a personal

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Journal of Rational-Emotlve& Cogmtive-BehaviorTherapy

meeting. As is usual with cold calling, the "hit rate" will not be high, but the initial goal is just one or two opportunities to gain some experience (a valuable selling point) and to get in the "industry door." As with many brokers, one of the most difficult things about cold calling is "getting up the nerve" to do it and stop procrastinating! Here is where one had best use RET on him- or herselfl One's success rate can be enhanced somewhat if you have a name or an introduction from a friend, one's broker, or even just an acquaintance. Having a personal introduction, or just having a name familiar to the individual one is calling usually helps reduce the anxiety as well as enhances the probability of obtaining an audience with the decision-maker and thus being able to sell one's program. And you must have a specific program to sell (see Table 2). A few additional pointers on marketing may be useful. Writing an article for a trade journal can improve your credibility. I published "Calm, Cool and Collected: Irrational thinking can cost you and your clients money" in Registered Representative (Criddle, 1987), the broker's trade journal, and sent copies to all present, past and potential clients in the investment area. Be prepared to be frustrated and thus be persistent! One can get passed from person to person on the phone. A frequent problem is the budget--"All funds have been allocated until the new fiscal year. You just missed the deadline, call back in just less than a year," or"All training is done at headquarters. Here is the name of our national director." But keep trying! Table 2 Session Titles from an Actual Proposal Given to Investment Firms

Psychological Tools for the Financial Consultant

Proposal Session I: Session II: Session III: Session IV: Session V: Session VI:

The Key Role of Psychology in Investing & Marketing Coping with Both Market and Emotional Volatility Effective Communication with Prospective and Existing Clients DISCIPLINE--A Key Element of Success Putting New Tools into Daily Practice Follow-up

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TEACHING FORMATS FOR AN RET PROGRAM There are m a n y options for teaching RET to individuals within the financial/investment industry, ranging from lectures to large groups to individual counseling. The most common format is a series of seminars for ten to twenty individuals, often new recruits, as part of their broker training program. Often, at least initially, the firm will dictate the number and length of the sessions they are willing to pay for and that will fit into their program; thus, the presenter must be flexible and able to adjust his or her program. The ideal situation is to be able to teach a series of sessions, each at least two hours long (see Table 2 for an actual example). One of the major hurdles of doing a seminar or workshop with new recruits is capturing and then maintaining their interest. Their minds are on the excitement of the markets, especially if the workshop is being held during trading hours. They are waiting for the next break so they can get to a quote machine! And they see little relevance of "this psychology stuff' for their new work. To battle this resistance right from the beginning I have found three approaches that help. One, I have some reading materials distributed to them about one week prior to the initial session (e.g., my "Calm, Cool and Collected" (Criddle, 1987) article previously mentioned, the RET Primer (Young, 1974), and an article "Guidelines :for Challenging Irrational Beliefs" (Criddle, 1974)). Second, I have collected numerous relevant quotes from classic books by or about famous investors or traders, and I start the first session with some of these, for example: Again, let me say the human side of every person is the greatest enemy of the average investor or speculator. (Jessy Livermore, 1923) If you act subjectively or emotionally, your trading is bound to be irrational. The wilder and more volatile the market, the more important that you be calm and relaxed. (Stanley Kroll, 1974) Lastly, I have numerous examples from my own investing and trading, as well as cold calling, which illustrate the use of rational psychology to my (and my pocketbook's) advantage. Examples from participants help as well, but with new recruits it is often difficult to elicit these. In general, workshops or seminars are structured as most RET workshops: some didactic work or mini-lectures, examples relevant to

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Journal of Rational-Emotive & Cognitive-Behavior Therapy

the audience, audience participation including discussion and volunteers to present and work on actual situations. Role playing can be useful, especially when working on dealing with upset clients, breaking bad news to clients, cold calling and management situations. Typical RET homework sheets with examples from the investment/financial world, already filled out by the leader, are very useful and function as models for participants to use in learning how to do their own homework sheets. Another useful technique is to present a "case study" sequencing the evolution of a series of investment or trading decisions, including the emotional components: deciding what to buy, when to buy it, dealing with price swings up and down, and decisionmaking about when to sell, as well as the "post-sell" emotions. This exercise takes participants through a multitude of emotions and beliefs that can be analyzed ~ la RET. Another useful exercise is to have participants reveal their basic investment or trading guidelines or systems to the class, and then keep a log of their decisions, along with their beliefs and feelings, between seminar sessions, and review some of these at the next session. Lastly, it is very important for each par~ ticipant to identify their most frequent "psychological" problems and to develop a visual reminder of how to rationally cope with it to place somewhere in their workspace, such as a note on bright paper stuck to their quote screen. There are numerous variations of this basic seminar for new recruits. The opportunity may come up to conduct a seminar for "seasoned veterans" (alone or mixed with "younger" individuals), or possibly with just the "cream of the crop" within an office. These workshops are much more likely to be voluntary, so the initial interest level is considerably higher, but it still must be maintained. Relevant examples from actual work situations are much more forthcoming since these participants have experienced a multitude of emotional swings in their years of work. They thus often have very specific problem areas t h a t they want to work on, such as discipline and procrastination, how to make the decision to sell a winner, or how to cope with upset clients. In fact, specialized workshops focused on a specific problem area can be very useful, and these are sometimes easier to sell. They might focus on things such as cold calling, communication with clients, discipline regarding one's trading system, and so on. Seminars or retreats for managers focused on "the effective management in the financial/investment industry" are marketable, although they are somewhat .more difficult to sell initially. These can focus on issues

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such as office communication, understanding and dealing effectively with the inevitable psychological swings of brokers and money managers, effective listening, and even on teaching some basic RET clinical skills. Another option is to offer seminars or workshops independently, not associated with a particular firm, sponsoring it as an individual and marketing it to relevant professionals in all financial/ investment firms in a given area. Having done this successfully can be an entry into "in-house" programs. Working with a group of individuals who work in the same office can have a number of advantages (although groups of new recruits will often be from a variety of locations). Rational reminder signs can be placed throughout the office. Office policies and incentive programs can be made more rational; for example, the separation of s e l f worth and performance can be emphasized in office contests. Individuals can be encouraged to catch each other's irrational statements and reinforce rational ones. Individual's penalty/reward systems can be made rational and be monitored within the office. (As an example, a trader working on improving his discipline to immediately sell all positions that drop 10% or more might have others in the office monitor his behavior and hold the $100 bill he agrees to burn if he does not sell-monetary penalties/rewards seem to be quite effective in the industry!) The social pressure within a group, even if irrationally based, can enhance changes in rational thinking and behaving. Individuals often do the right thing for the wrong reason! Working with an office as a whole offers the opportunity to establish a "rational culture." In addition to working with groups of individuals, one can almost always spend some time working one-on-one, counseling and coaching individuals on any or all of the issues mentioned; in addition, more personal issues are likely to come up in this individual work. Such work can be marketed through a firm's employee assistance program; also, individuals from seminars frequently request individual help (one should make it known during seminars that this service is available!). With individuals it is often enlightening to have them quantitatively monitor their hoped-for change--graphing their profits, their net portfolio gain, their number of new clients, or whatever measure they are working on. Assigned reading in the investment area is also very useful, especially if it emphasizes the needs for "emotional muscle" or control as an important element of success (Schwager, 1989; Kroll, 1988; LeFevre, 1980).

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Journal of Rati(maI-Emotive& Cognitive-BehaviorTherapy CONCLUSION

The investment and financial industry is ripe with opportunities for emotional turmoil! Turmoil that is not only painful in itself, but that contaminates subsequent thinking and behavior and decision-making, and thus frequently costs firms and their clients substantial sums of money. Convincing the decision-makers as well as the professionals "on-the-line" that psychological training would be very useful is a difficult task, but certainly possible with hard and persistent work! The potential gains must be tied to the bottom line to get their attention. Once in the door, the opportunities are numerous for the application of RET within the workplace. And hopefully, the positive results in terms of both happier workers and an improved bottom line will be the ultimate data to convince the decision-makers to keep the door open and continue to have RET infused into the workplace!

REFERENCES Bernstein, J. (1986). Beyond the Investors Quotient. New York: John Wiley & Sons. Criddle, W. D. (1974). Guidelinesfor ChallengingIrrational Beliefs,Rational Living, 9, 8-13. Criddle, W. D. (1987). Calm, Cool and Collected,Registered Representative, II, 111-113. Kroll, S. (1988). Krol[ on Futures Trading Strategy. Homewood, If.: Dow Jones-Irwin. LeFevre, E. (1980).Reminiscences of a Stock Operator. Burlington,Vt.: Books of Wall Street. Schwager, J. D. (1989). Market Wizards. New York: NYIF Corp. Walen, S., DiGiuseppe, R. & Wessler, R. (1980) A Practitioner's Guide to Rational-emotive Therapy. New York: Oxford University Press. Young, H. S. (1974). A Rational Counseling Primer. New York: Institute for Rational Living.