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Understanding Obsessive-Compulsive Behavior

By: Dr. David Edward Marcinko; FACFAS, MBA, CMP™

By: Dr. Eugene Schmuckler; MBA, CTS

By: Dr. Kenneth H. Shubin-Stein, CFA

By: Richard B. Wagner; JD, CFP®

An obsession is a persistent, recurring preoccupation with an idea or thought. A compulsion is an impulse that is experienced as irresistible. Obsessive-compulsive individuals feel compelled to think thoughts that they say they do not want to think or to carry out actions that they say are against their will. These individuals usually realize that their behavior is irrational, but it is beyond their control. In general, these individuals are preoccupied with orderliness, perfectionism, and mental and interpersonal control, at the expense of flexibility, openness, and efficiency.

Specifically, behaviors such as the following may be seen:

• Preoccupation with details.
• Perfectionism that interferes with task completion.
• Excessive devotion to work and office productivity.
• Scrupulous and inflexible about morality (not accounted for by cultural or religious identification).
• Inability to discard worn-out or worthless objects without sentimental value.
• Reluctance to delegate tasks or to work with others.
• Adopts a miserly spending style toward both self and others.
• Demonstrates a rigid, inflexible and stubborn nature.

Most people resort to some minor obsessive-compulsive patterns under severe pressure or when trying to achieve goals that they consider critically important. In fact, many individuals refer to this as superstitious behavior. The study habits required for medical students entail a good deal of compulsive behavior.

Related Addictions

As the above examples suggest, there are a variety of addictions possible. Recent news accounts have pointed out that even high-level governmental officials can experience sex addiction. The advent of the Internet has led to what is referred to as Internet addiction where an individual is transfixed to the computer working for hours on end without a specific project in mind. The simple act of “surfing” offers the person afflicted with the addiction some degree of satisfaction.

The Gambler

Still another form of addictive behavior is that of the compulsive gambler. This is the behavior of an individual who is unable to resist the impulse to gamble. Many reasons have been posited for this type of behavior including the death instinct; a need to lose; a wish to repeat a big win; identification with adults the “gambler” knew as an adolescent; and a desire for action and excitement. There are other explanations offered for this form of compulsive behavior. The act of betting allows the individual to express an immature bravery, courage, manliness, and persistence against unfavorable odds. By actually using money and challenging reality, he puts himself into “action” and intense emotion. By means of gambling, the addicted individual is able to pretend that he is favored by “lady luck,” specially chosen, successful, able to beat the system and escape from feelings of discontent.

Just Plain Greed

Greed is another reason. In fact, a 1987 poll conducted by the Chicago Tribune revealed that people who earned less than $30,000 a year, said that $50,000 would fulfill their dreams, whereas those with yearly incomes of over $100,000 said they would need $250,000 to be satisfied. More recent studies confirm that goals keep getting pushed upward as soon as a lower level is reached. Now, consider Bernie Madoff, and the recent sub-prime mortgage debt fiasco in this light?

Compulsive Doctors

Edward Looney, executive director of the Trenton, New Jersey based Council on Compulsive Gambling (CCG) reports that the number of individuals calling with trading-associated problems is doubling annually. In the mid 1980s, when the council was formed, the number of people calling the council’s hotline (1 – 800 Gambler) with stock-market gambling problems was approximately 1.5 percent of all calls received. In 1998 that number grew to 3 percent and it is projected to rise to 7-8 percent by 2005. Dr. Robert Custer, an expert on compulsive gambling reported, that stock market gamblers represent over 20 percent of the gamblers that he has diagnosed. It is evident that on-line trading presents a tremendous risk to the speculator. The CCG describes some of the consequences:

• Dr. Fred B. is a 43-year-old Caucasian male physician with a salary above $100,000 and in debt for more than $100,000. He is married with two children. He was a day trader.
• Michael Q. is a 28-year-old Caucasian male registered nurse. He is married and the father of one (7 month old) child. He earns $65,000 and lost $40,000 savings in day trading and is in debt for $25,000. He has suicidal ideation.

Assessment

Question: So how much money is enough?

Answer: Just a little bit more.

Conclusion

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Filed under: Ethics, Financial Planning, Op-Editorials, Portfolio Management, Recommended Books, Risk Management | Tagged: Bernie Madoff, CFA, CFP, CMP, Council on Compulsive Gambling, David Edward Marcinko, day trading, Edward Looney, Eugene Schmuckler, Internet addiction, Kenneth H. Shubin-Stein, Obsessive-compulsive, Richard B. Wagner, sub-prime mortgages, superstitious behavior | 2 Comments »