The average investor's return is significantly lower than market indices due primarily to market timing.

In a rising market, enough of your bad ideas will pay off so that you'll never learn that you should have fewer ideas.

We are very influenced by completely automatic things that we have no control over, and we don't know we're doing it.

Economists think about what people ought to do. Psychologists watch what they actually do.

The evidence is unequivocal, there's a great deal more luck than skill in people getting very rich.

It is the consistency of the information that matters for a good story, not its completeness. Indeed, you will often find that knowing little makes it easier to fit everything you know into a coherent pattern.

Mental effort, I would argue, is relatively rare. Most of the time we coast.