I would say there’s been a great increase in the number people doing dumb things. And they do big, dumb things.
Really wonderful companies will often get overpriced and selling means losing a position in a first-rate company.
Subjective confidence in a judgment is not a reasoned evaluation of the probability that this judgment is correct
The strong bias toward believing that small samples closely resemble the population from which they are drawn is also part of a larger story
Our mind searches for confirming evidence that we are right and shies away from contrary evidence.
Herding. All stock market prices are both the cause and result of herding behavior amongst investors.
Our gut needs training. Many of our instinctive feelings are the exact opposite of what we should be doing.
It is very important not to fall into the attractive trap of extrapolating the most recent past into the future.
Today everyone is fretting about inflation and the potential for a recession. Trying to decide on the outlook for these macro-economic things can be a distraction.
Adequate, though often imperfect, answers to difficult questions