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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.

Daniel Kahneman

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Daniel Kahneman
Age: 90
Born: 1934
Born: March 5
Economist
Psychologist
University Teacher
Tel Aviv
Israel
D Kahneman
Mean
Changed
Made
Particular
Coms
Mind
Mistake
Telecom
People
Doesn
Dots
Money
Peak
Anything
Admit
Able
Avoid
Many
Putting

More quotes by Daniel Kahneman

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Experts don't know exactly where the boundaries of their expertise are.
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If you can't take the time for a vacation right now, or even a night out with friends, put something on the calendar - even if it's a month or a year down the road. Then whenever you need a boost of happiness, remind yourself about it.
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Intelligence is not only the ability to reason it is also the ability to find relevant material in memory and to deploy attention when needed.
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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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Through some combination of culture and biology, our minds are intuitively receptive to religion.
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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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I'm not a great believer in self-help.
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Optimistic people play a disproportionate role in shaping our lives. Their decisions make a difference they are inventors, entrepreneurs, political and military leaders - not average people. They got to where they are by seeking challenges and taking risks.
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Most successful pundits are selected for being opinionated, because it's interesting, and the penalties for incorrect predictions are negligible. You can make predictions, and a year later people won't remember them.
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In a rising market, enough of your bad ideas will pay off so that you'll never learn that you should have fewer ideas.
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It's very easy for trusted companies to mislead naive customers, and life insurance companies are trusted.
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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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An individual who expresses high confidence probably has a good story, which may or may not be true.
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A person who has not made peace with his losses is likely to accept gambles that would be unacceptable to him otherwise.
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There's a tendency to look at investments in isolation. Investors focus on the risk of individual securities.
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Often, the most enjoyable part of an activity is the anticipation.
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People exaggerate their confidence in their plans - something we call the planning fallacy... The existence of the plan tends to induce overconfidence.
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We can't live in a state of perpetual doubt, so we make up the best story possible and we live as if the story were true.
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Managers think of themselves as captains of a ship on a stormy sea. Risk for them is danger, but they are fighting it, very controlled.
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Alternative descriptions of the same reality evoke different emotions and different associations.
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