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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.

Daniel Kahneman

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Daniel Kahneman
Age: 90
Born: 1934
Born: March 5
Economist
Psychologist
University Teacher
Tel Aviv
Israel
D Kahneman
Brain
Scientists
World
Attention
Investment
Understanding
Wave
Community
Scientist
Whether
Financial
Future
Seek
Pay
Maximize
Money
Serious
Academia
Better

More quotes by Daniel Kahneman

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If owning stocks is a long-term project for you, following their changes constantly is a very, very bad idea. It's the worst possible thing you can do, because people are so sensitive to short-term losses. If you count your money every day, you'll be miserable.
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Individual investors predictably flock to stocks in companies that are in the news.
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A large portion of the weekend effects is explained by differences in the amount of time spent with friends or family between weekends and weekdays.
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Psychologists really aim to be scientists, white-coat stuff, with elaborate statistics, running experiments.
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Hindsight bias makes surprises vanish.
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My interest in well-being evolved from my interest in decision making - from raising the question of whether people know what they will want in the future and whether the things that people want for themselves will make them happy.
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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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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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Alternative descriptions of the same reality evoke different emotions and different associations.
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One thing we have lost, that we had in the past, is a sense of progress, that things are getting better. There is a sense of volatility, but not of progress.
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The evidence is unequivocal, there's a great deal more luck than skill in people getting very rich.
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The concept of loss aversion is certainly the most significant contribution of psychology to behavioral economics.
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When people believe a conclusion is true, they are also very likely to believe arguments that appear to support it, even when these arguments are unsound.
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Money does not buy you happiness, but lack of money certainly buys you misery.
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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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So your emotional state really has a lot to do with what you're thinking about and what you're paying attention to.
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We have associations to things. We have, you know, we have associations to tables and to - and to dogs and to cats and to Harvard professors, and that's the way the mind works. It's an association machine.
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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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Our memory tells us stories, that is, what we get to keep from our experiences is a story.
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It's clear that policymakers and economists are going to be interested in the measurement of well-being primarily as it correlates with health they also want to know whether researchers can validate subjective responses with physiological indices.
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