Psychological Study of Human Judgment: Implications for Investment Decision Making

“You are—face it—a bunch of emotions, prejudices, and twitches, and this is all very well as long as you know it. Successful speculators do not necessarily have a complete portrait of themselves, warts and all, in their own minds, but they do have the ability to stop abruptly when their own intuition and what is happening Out There are suddenly out of kilter. “If you don’t know who you are, this is an expensive place to find out.” —Adam Smith, The Money Game

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