DislikedOverconfidence -
people overestimate their knowledge and ability.
Causes investors to overestimate their knowledge, underestimate the risks, and exaggerate their ability to control events.
Causes too much trading, low diversification, high risk securities.
Question: How good of an investor are you? Compared with the broad market averages, are you above average, average, or below average?
Few believe they are below average investors.
People are mistaken because they are overconfident about their skill and knowledge.
Misattribution bias
Good moods...Ignored
I am writing a book on amazing benefits of having five wives.
The Thief of Wall Street