One Thing We Have Lost, That We

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.

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

Policy Makers, Like Most People, Normally Feel That They Already Know All The Psychology And All The Sociology They Are Likely To Need For Their Decisions. I Don't Think They Are Right, But That's The Way It Is.

This Is The Essence Of Intuitive Heuristics: When Faced With A Difficult Question, We Often Answer An Easier One Instead, Usually Without Noticing The Substitution.

Managers Think Of Themselves As Captains Of A Ship On A Stormy Sea. Risk For Them Is Danger, But They Are Fighting It, Very Controlled.