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

I used to hold a unitary view, in which I proposed that only experienced happiness matters, and that life satisfaction is a fallible estimate of true happiness.

The experiencing self lives in the moment; it is the one that answers the question, 'Does it hurt?' or 'What were you thinking about just now?' The remembering self is the one that answers questions about the overall evaluation of episodes or periods of one's life, such as a stay in the hospital or the years since one left college.

Nothing in life is quite as important as you think it is while you're thinking about it.

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.

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.

We are prone to overestimate how much we understand about the world and to underestimate the role of chance in events.