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People have little idea, by and large, of the investment world. They are convinced they have an advantage.

Daniel Kahneman

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Daniel Kahneman
Age: 90
Born: 1934
Born: March 5
Economist
Psychologist
University Teacher
Tel Aviv
Israel
D Kahneman
Ideas
Little
Investment
World
Convinced
People
Large
Advantage
Idea
Money
Littles

More quotes by Daniel Kahneman

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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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Divorced women, compared to married women, are less satisfied with their lives, which is not surprising. But they're actually more cheerful, when you look at the average mood they're in in the course of the day.
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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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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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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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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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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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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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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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It was always assumed I would be a professor. I grew up thinking it.
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Negotiations over a shrinking pie are especially difficult because they require an allocation of losses. People tend to be much more easygoing when they bargain over an expanding pie.
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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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All of us would be better investors if we just made fewer decisions.
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People who are cognitively busy are also more likely to make selfish choices, use sexist language, and make superficial judgments in social situations.
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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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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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We are very influenced by completely automatic things that we have no control over, and we don't know we're doing it.
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Overconfidence is a powerful source of illusions, primarily determined by the quality and coherence of the story that you can construct, not by its validity.
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When action is needed, optimism, even of the mildly delusional variety, may be a good thing.
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Groups tend to be more extreme than individuals.
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