If Owning Stocks Is A Long-term Project

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.

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

Many People Will Admit That They Made A Mistake [putting Money In Dot-coms Or Telecoms At Their Peak] But That Doesn’t Mean That They’ve Changed Their Mind About Anything In Particular. It Doesn’t Mean That They Are Now Able To Avoid That Mistake.

The Average Investor's Return Is Significantly Lower Than Market Indices Due Primarily To Market Timing.

If People Are Failing, They Look Inept. If People Are Succeeding, They Look Strong And Good And Competent. That's The 'halo Effect.' Your First Impression Of A Thing Sets Up Your Subsequent Beliefs. If The Company Looks Inept To You, You May Assume Everything Else They Do Is Inept.