Can we use heuristics to analyze a business?
Adequate, though often imperfect, answers to difficult questions
Heuristic
It doesn’t matter what high profile investors are buying or selling
“If you’ve been in the [poker] game 30 minutes and you don’t know who the patsy is, you’re the patsy.”
The worst behavioral bias – jumping to conclusions
The good news is that we can do something. Kahneman describes risk policies as decision rules that are always applied in similar situations.
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