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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
Littles
Ideas
Little
Investment
World
Convinced
People
Large
Advantage
Idea
Money

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When people think of the outcomes of their decisions, they think much more short term than that. They think in terms of gains and losses.
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People are really happier with friends than they are with their families or their spouse or their child.
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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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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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Through some combination of culture and biology, our minds are intuitively receptive to religion.
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When you look at the books about well-being, you see one word - it's happiness. People do not distinguish.
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It doesn't take many observations to think you've spotted a trend, and it's probably not a trend at all.
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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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There's a very good reason for why economics developed the way it did, and that is that in many situations, the assumption that people will exploit the opportunities available to them is very plausible, and it simplifies the analysis of how markets will behave.
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Friends are sometimes a big help when they share your feelings. In the context of decisions, the friends who will serve you best are those who understand your feelings but are not overly impressed by them.
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I'm not a great believer in self-help.
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What happens with fear is that probability doesn't matter very much. That is, once I have raised the possibility that something terrible can happen to your child, even though the possibility is remote, you may find it very difficult to think of anything else. Emotion becomes dominant.
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Question: So investors shouldn't delude themselves about beating the market? Answer: They're just not going to do it. It's just not going to happen.
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Most things that couples disagree upon aren't worth more than a day's combat.
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Hindsight bias makes surprises vanish.
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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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After a crisis we tell ourselves we understand why it happened and maintain the illusion that the world is understandable. In fact, we should accept the world is incomprehensible much of the time.
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Below an income of ... $60,000 a year, people are unhappy, and they get progressively unhappier the poorer they get. Above that, we get an absolutely flat line. ... Money does not buy you experiential happiness, but lack of money certainly buys you misery.
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Most people are highly optimistic most of the time.
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Often, the most enjoyable part of an activity is the anticipation.
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