confessions of a value investor- a few lessons in behavioral finance

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Anchoring

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Anchors

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Overweighing what can be counted

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Similarity

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Similarity-

People followthe lead of“similar others”

Of Suicides andLost Wallets

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“The worst case scenario isoften more consequentialthan the forecast itself.”

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Michael Jordan Commercial

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I’ve missed more than 9,000 shots in my career 

I’ve lost almost 300 games 

26 times I’ve been entrusted to 

take the game-winning shot.And missed 

And that is why, I succeed I’ve failed over, and over, and over again in my life 

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“The quantity of a man’s pleasure froma ten-dollar gain does not exactly

match the quantity of his displeasure

from a ten-dollar loss.”

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Countdowns makepeople go crazy!

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Mis-associating good outcomes

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Mis-associating good outcomes with skill (stock market swindle,

massively outperforming fund

etc.)Mis-associating bad outcomes with

bad process

Under-appreciation of role ofluck

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“You don't have

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to pee on anelectric fence

to learn not todo it.”- CharlieMunger

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