The evidence is unequivocal, there's a great deal more luck than skill in people getting very rich. — 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
A general “law of least effort” applies to cognitive as well as physical exertion. The law asserts that if there are several… — 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
Acquisition of skills requires a regular environment, an adequate opportunity to practice, and rapid and unequivocal feedback about the correctness of thoughts… — 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
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
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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