There is general agreement among researchers that nearly all stock pickers, whether they know it or not-and few of them do-are playing a game of chance.
Daniel KahnemanPeople just hate the idea of losing. Any loss, even a small one, is just so terrible to contemplate that they compensate by buying insurance, including totally absurd policies like air travel.
Daniel KahnemanExcept for some effects that I attribute mostly to age, my intuitive thinking is just as prone to overconfidence, extreme predictions, and the planning fallacy as it was before I made a study of these issues.
Daniel Kahneman