The premise of this book is that it is easier to recognize other people's mistakes than your own. — Daniel Kahneman Copy Share Image
All of us would be better investors if we just made fewer decisions. — Daniel Kahneman Copy Share Image
The average investor's return is significantly lower than market indices due primarily to market timing. — Daniel Kahneman Copy Share Image
I don't try to be clever at all. The idea that I could see what no one else can is an illusion. — Daniel Kahneman Copy Share Image
People have little idea, by and large, of the investment world. They are convinced they have an advantage. — Daniel Kahneman Copy Share Image
“Companies with pronounceable names do better than others for the first week after the stock is issued,” — Daniel Kahneman Copy Share Image
There's a tendency to look at investments in isolation. Investors focus on the risk of individual securities. — Daniel Kahneman Copy Share Image
Individual investors predictably flock to stocks in companies that are in the news. — Daniel Kahneman Copy Share Image
An investment said to have an 80% chance of success sounds far more attractive than one with a 20% chance of failure.… — Daniel Kahneman Copy Share Image
You should expect little or nothing from Wall Street stock pickers who hope to be more accurate than the market in predicting… — Daniel Kahneman Copy Share Image
Although professionals are able to extract a considerable amount of wealth from amateurs, few stock pickers, if any, have the skill needed… — Daniel Kahneman Copy Share Image
The brain scientists are the wave of the future in the financial world. If you seek to maximize understanding, whether you're in… — Daniel Kahneman Copy Share Image
If owning stocks is a long-term project for you, following their changes constantly is a very, very bad idea. It's the worst… — Daniel Kahneman Copy Share Image
There are domains in which expertise is not possible. Stock picking is a good example. And in long-term political strategic forecasting, it's… — Daniel Kahneman Copy Share Image
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… — Daniel Kahneman Copy Share Image
There's a very good reason for why economics developed the way it did, and that is that in many situations, the assumption… — Daniel Kahneman Copy Share Image
Unfortunately, skill in evaluating the business prospects of a firm is not sufficient for successful stock trading, where the key question is… — Daniel Kahneman Copy Share Image
“Finally, the illusions of validity and skill are supported by a powerful professional culture. We know that people can maintain an unshakable… — Daniel Kahneman Copy Share Image
There is general agreement among researchers that nearly all stock pickers, whether they know it or not-and few of them do-are playing… — Daniel Kahneman Copy Share Image
The illusion of skill is not only an individual aberration; it is deeply ingrained in the culture of the [investment management] industry. — Daniel Kahneman Copy Share Image
In a rising market, enough of your bad ideas will pay off so that you'll never learn that you should have fewer… — Daniel Kahneman Copy Share Image
Knowing the importance of luck, you should be particularly suspicious when highly consistent patterns emerge from the comparison of successful and less… — Daniel Kahneman Copy Share Image
However, optimism is highly valued, socially and in the market; people and firms reward the providers of dangerously misleading information more than… — Daniel Kahneman Copy Share Image
To know whether you can trust a particular intuitive judgment, there are two questions you should ask: Is the environment in which… — Daniel Kahneman Copy Share Image
“For a number of years, professors at Duke University conducted a survey in which the chief financial officers of large corporations estimated… — Daniel Kahneman Copy Share Image
Economists think about what people ought to do. Psychologists watch what they actually do. — Daniel Kahneman Copy Share Image
“People who are poor think like traders, but the dynamics are quite different. Unlike traders, the poor are not indifferent to the differences between… — Daniel Kahneman Copy Share Image
“Mood evidently affects the operation of System 1: when we are uncomfortable and unhappy, we lose touch with our intuition.” — Daniel Kahneman Copy Share Image
The confidence that individuals have in their beliefs depends mostly on the quality of the story they can tell about what they see, even… — Daniel Kahneman Copy Share Image
“So this is my aim for watercooler conversations: improve the ability to identify and understand errors of judgment and choice, in others and eventually… — Daniel Kahneman Copy Share Image
“For example, I recently came to doubt my long-held impression that adultery is more common among politicians than among physicians or lawyers.” — Daniel Kahneman Copy Share Image
Survival prospects are poor for an animal that is not suspicious of novelty. — Daniel Kahneman Copy Share Image
“the idea of money primes individualism: a reluctance to be involved with others, to depend on others, or to accept demands from others.” — Daniel Kahneman Copy Share Image
Most of the moments of our life - and I calculated, you know, the psychological present is said to be about three seconds long;… — Daniel Kahneman Copy Share Image
“knowing little makes it easier to fit everything you know into a coherent pattern.” — Daniel Kahneman Copy Share Image
Experts don't know exactly where the boundaries of their expertise are. — Daniel Kahneman Copy Share Image
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