What professional investors know
- Poor outcomes on individual investments are not uncommon; successful investors can still be wrong 45% of the time.
- But working out what to do about failures (if anything) is difficult and can feel subjective. Was a failure merely the result of bad luck?
- It doesn’t help when team discussions are not as robust and challenging as they could be. Are the tough questions being asked?
- Communicating with clients, consultants & CEOs can also be difficult. Is making a change in response to a failure a sign of capitulation or of continuous improvement?
- Psychological & decision-making issues are relevant for solving each of these problems.
What they don't typically know
- Which specific psychological issues apply in which specific circumstances, to which parts of their investment process, and in which ways. (General knowledge about behavioural biases is not enough.)
- What actions they should take based on those psychological issues. (Thinking about biases is typically not sufficient to overcome them.)
- What impact taking action will have on their investment risks and returns.
- How much the use of behavioural finance concepts can improve their client acquisition and retention.
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