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There's a tendency to look at investments in isolation. Investors focus on the risk of individual securities.

Daniel Kahneman

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Daniel Kahneman
Age: 90
Born: 1934
Born: March 5
Economist
Psychologist
University Teacher
Tel Aviv
Israel
D Kahneman
Tendencies
Investment
Risk
Security
Securities
Focus
Investments
Individual
Isolation
Look
Investors
Looks
Tendency

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Researchers who studied a thousand Dutch vacationers concluded that by far the greatest amount of happiness extracted from the vacation is derived from the anticipation period.
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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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Doubting what you see is a very odd experience. And doubting what you remember is a little less odd than doubting what you see. But it's also a pretty odd experience, because some memories come with a very compelling sense of truth about them, and that happens to be the case even for memories that are not true.
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Optimism is normal, but some fortunate people are more optimistic than the rest of us. If you are genetically endowed with an optimistic bias, you hardly need to be told that you are a lucky person - you already feel fortunate.
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People talk of the new economy and of reinventing themselves in the workplace, and in that sense most of us are less secure.
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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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A general limitation of the human mind is its imperfect ability to reconstruct past states of knowledge, or beliefs that have changed. Once you adopt a new view of the world (or any part of it), you immediately lose much of your ability to recall what you used to believe before your mind changed.
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Most people are highly optimistic most of the time.
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The premise of this book is that it is easier to recognize other people's mistakes than your own.
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The concept of loss aversion is certainly the most significant contribution of psychology to behavioral economics.
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There are domains in which expertise is not possible. Stock picking is a good example. And in long-term political strategic forecasting, it's been shown that experts are just not better than a dice-throwing monkey.
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It is only a slight exaggeration to say that happiness is the experience of spending time with people you love and who love you.
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An investment said to have an 80% chance of success sounds far more attractive than one with a 20% chance of failure. The mind can't easily recognize that they are the same.
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That's one of the real dangers of leader selection in many organizations: leaders are selected for overconfidence.
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Experienced happiness refers to your feelings, to how happy you are as you live your life. In contrast, the satisfaction of the remembering self refers to your feelings when you think about your life.
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The illusion that we understand the past fosters overconfidence in our ability to predict the future.
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The brain scientists are the wave of the future in the financial world. If you seek to maximize understanding, whether you're in academia or in the investment community, you'd better pay serious attention to them.
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We can be blind to the obvious, and we are also blind to our blindness.
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By their very nature, heuristic shortcuts will produce biases, and that is true for both humans and artificial intelligence, but the heuristics of AI are not necessarily the human ones.
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Money does not buy you happiness, but lack of money certainly buys you misery.
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