A group with a high anchor were prepared to pay three times as much for the same wine as a group with a low anchor
Heuristic – This alternative to careful reasoning may cause us to answer the question of what is the fair value of a stock by asking the question, what is the ‘market value’?
The moral courage to act ‘in opposition to the crowd’ when your judgement tells you are right
The behavioral tail can wag the statistical dog
People are rationally (?) choosing not to, as they see it, waste their time and effort in exercising their judgment about the market
Doing what everybody else is doing at the moment, and therefore what you have an almost irresistible urge to do, is often the wrong thing to do at all