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All of us would be better investors if we just made fewer decisions.

Daniel Kahneman

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Daniel Kahneman
Age: 90
Born: 1934
Born: March 5
Economist
Psychologist
University Teacher
Tel Aviv
Israel
D Kahneman
Decisions
Decision
Better
Made
Would
Investors
Fewer

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Through some combination of culture and biology, our minds are intuitively receptive to religion.
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It's nonsense to say money doesn't buy happiness, but people exaggerate the extent to which more money can buy more happiness.
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It is the consistency of the information that matters for a good story, not its completeness. Indeed, you will often find that knowing little makes it easier to fit everything you know into a coherent pattern.
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We have no reason to expect the quality of intuition to improve with the importance of the problem. Perhaps the contrary: high-stake problems are likely to involve powerful emotions and strong impulses to action.
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The dominance of conclusions over arguments is most pronounced where emotions are involved.
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You are more likely to learn something by finding surprises in your own behavior than by hearing surprising facts about people in general.
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Most people are highly optimistic most of the time.
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The confidence that individuals have in their beliefs depends mostly on the quality of the story they can tell about what they see, even if they see little.
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We associate leadership with decisiveness. That perception of leadership pushes people to make decisions fairly quickly, lest they be seen as dithering and indecisive.
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The amount of success it takes for leaders to become overconfident isn't terribly large.
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It was always assumed I would be a professor. I grew up thinking it.
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True intuitive expertise is learned from prolonged experience with good feedback on mistakes.
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The planning fallacy is that you make a plan, which is usually a best-case scenario. Then you assume that the outcome will follow your plan, even when you should know better.
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Many people will admit that they made a mistake [putting money in dot-coms or telecoms at their peak] But that doesn’t mean that they’ve changed their mind about anything in particular. It doesn’t mean that they are now able to avoid that mistake.
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Except for some effects that I attribute mostly to age, my intuitive thinking is just as prone to overconfidence, extreme predictions, and the planning fallacy as it was before I made a study of these issues.
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Odd as it may seem, I am my remembering self, and the experiencing self, who does my living, is like a stranger to me.
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Most things that couples disagree upon aren't worth more than a day's combat.
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Political columnists and sports pundits are rewarded for being overconfident.
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Alternative descriptions of the same reality evoke different emotions and different associations.
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Some memories come with a very compelling sense of truth about them. And that happens to be the case even with memories that are not true.
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