If Individuals Are Rational, There Is No

We Know That The French Are Very Different From The Americans In Their Satisfaction With Life. They're Much Less Satisfied. Americans Are Pretty High Up There, While The French Are Quite Low - The World Champions In Life Satisfaction Are Actually The Danes.

The Confidence People Have In Their Beliefs Is Not A Measure Of The Quality Of Evidence But Of The Coherence Of The Story The Mind Has Managed To Construct.

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.

The Idea That The Future Is Unpredictable Is Undermined Every Day By The Ease With Which The Past Is Explained.

There's A Tendency To Look At Investments In Isolation. Investors Focus On The Risk Of Individual Securities.