不要成为自己最大的敌人
One of the most well-known investors of the 20th Century, 本杰明·格雷厄姆, said that "the investor's chief problem—and even his worst enemy—is likely to be himself."
What Graham understood—and modern research is catching up to—is the idea that we all have emotions and biases that affect our decision-making. The innate wiring built to survive pre-modern times can be counterproductive in our modern world, 尤其是在AG捕鱼王新版app下载方面.
Let's take a quick look at a few of the human emotions and biases that can adversely impact sound investment decision-making.
恐惧与贪婪 — These are the two most powerful emotions that move investors and investment markets. Each emotion clouds our capability for rational and dispassionate decision-making. They are the emotions that lead us to believe that prices may continue to rise (think the Tulip price bubble of 1636) or that everything has gone so wrong that prices may not recover (think Credit Crisis of 2008-2009).
Some investors have found a way to conquer these emotions, 当别人都害怕的时候，你要勇敢, and resist the temptations of a too-exuberant market.
过分自信 ——彼得·伯恩斯坦, 著名的经济史学家, argued that the riskiest moment may be when we feel that we are right. It is at that precise moment that we tend to disregard all information that may conflict with our beliefs, 准备好迎接AG捕鱼王新版app下载惊喜吧.
选择性记忆 — Human nature is such that we tend to recast history in a manner that emphasizes our successes and downplays our failures. As a result, we may not benefit from the valuable lessons failure can teach. Indeed, failure may be your most valuable asset.
预测谬误 — Humans have an innate desire to recognize patterns and apply these patterns to predicting the future. We erroneously believe that because "A" occurred and "B" happened that if "A" happens again, we can profit by anticipating that "B" will repeat. Market history is littered with examples of "rules of thumb" that have worked until they no longer worked.
Financial markets are complex and unpredictable. Our endeavors to tap their opportunities to pursue our financial goals are best realized when we don't burden the enterprise by blindness to the inherent behavioral obstacles we all share.
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