Look at a photo of yourself as a teenager and, mistaken fashion choices aside, it’s likely you see traces of the same person with the same personality quirks as you are today. But whether or not you truly are the same person over a lifetime—and what that notion of personhood even means—is the subject of…
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It is a strange time to be a behavioral scientist in business. When I left my PhD program almost ten years ago to focus on real-world applications, I spent the majority of my first few years explaining over and over what behavioral scientists actually did. Now, I regularly get inbound requests to speak at large…
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There’s an academic I know — very well respected — who especially values one of his collaborators. This particular colleague isn’t invaluable because of his creativity or intellect, says my professor friend, but because “he is willing to tell me when I’m wrong, and that’s rare”. It is indeed rare. Perhaps even rarer is the…
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Sometimes I feel sorry for traders/investors who need to construct a narrative as part of their investment process. Whilst you are cocooned inside your own delusional story you would never know whether your story is the right one and is the one the market has chosen. As an example consider the year to date moves…
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I wanted to follow on from yesterdays post and give a more extreme real world example of how thinking in terms of the need to be right is completely wrong but typical of the vast majority of traders. I went back and reviewed some results from the Dow from 2014 – this year stuck in…
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Is can you be too stupid to trade and the answer is obviously yes. If you are defeated by how your toaster works then trading is not for you, nor is anything else probably. However, my observation over the decades has been that despite what the industry would have you believe trading is not that…
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A lot of my friends are spending the month of January “going dry” or giving up sugar or training for marathons. I can relate. As a Type-A, goal-oriented masochist, I tend to make deeply ambitious New Year’s resolutions each year. Witness Exhibit A: My resolutions from 2016. I’m embarrassed to say that not one lasted…
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Imagine the most mind-numbing choice you’ve faced lately, one in which the possibilities almost paralyzed you: buying a car, choosing a health-care plan, figuring out what to do with your 401(k). The anxiety you felt might have been just the well-known consequence of information overload, but Angelika Dimoka, director of the Center for Neural Decision…
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