Unfortunately, skill in evaluating the business prospects of a firm is not sufficient for successful stock trading, where the key question is whether the information about the firm is already incorporated in the price of the stock. Traders apparently lackthe skill to answer this crucial question, but they appear to be ignorant of their ignorance.

Courage is willingness to take the risk once you know the odds. Optimistic overconfidence means you are taking the risk because you don't know the odds. It's a big difference.

Hindsight bias makes surprises vanish.

True intuitive expertise is learned from prolonged experience with good feedback on mistakes.

Facts that challenge basic assumptions-and thereby threaten people's livelihood and self-esteem-are simply not absorbed. The mind does not digest them.

The most effortful forms of slow thinking are those that require you to think fast.

You are more likely to learn something by finding surprises in your own behavior than by hearing surprising facts about people in general.