The Mirror We Don’t Like to Look In
In today's Thoughts on Money, we'll explore our natural biases, how they affect our investment results, and what to do about it.
In today's Thoughts on Money, we'll explore our natural biases, how they affect our investment results, and what to do about it.
This week's blogpost - https://bahnsen.co/46XjbC4
Join Blaine Carver and special guest Darren Lightfoot, as they discuss key investment philosophies, inherent biases, and the importance of challenging your own viewpoints. In this episode, they explore confirmation bias, recency bias, and the danger of herd mentality in investment decisions. They also emphasize the need for a disciplined investment strategy, the benefits of occasional check-ins, and learning from past decisions. This insightful episode provides practical advice for individual investors and highlights the value of having a detailed investment plan and accountability.
00:00 Introduction and Welcome 00:22 The Mirror: A Humorous Marriage Story 01:54 Investment Committee Insights from New York 02:49 Understanding and Challenging Biases 05:23 Confirmation Bias: The Optimistic Vikings Fan 11:58 Recency Bias: Lessons from Seattle 16:10 Herd Mentality and FOMO in Investing 18:31 The Importance of Self-Reflection and Game Film 26:18 Final Thoughts and Practical Advice 29:33 Podcast Conclusion and Disclaimers
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