I agree. But on the other hand, you have people who change their investment strategy every time it “doesn’t work” and on average do worse than e.g. anyone who holds fast in some non-ripoff index funds.
It would be nice to know which way I tend to err. I don’t feel a need to deny my mistakes for psychological benefit, because I can just admit that I didn’t try very hard to make the perfect decision at the time (bounded rationality). I’m always interested in improving my heuristics, but I don’t want to spend too much time trying to optimize them, either.
I agree. But on the other hand, you have people who change their investment strategy every time it “doesn’t work” and on average do worse than e.g. anyone who holds fast in some non-ripoff index funds.
It would be nice to know which way I tend to err. I don’t feel a need to deny my mistakes for psychological benefit, because I can just admit that I didn’t try very hard to make the perfect decision at the time (bounded rationality). I’m always interested in improving my heuristics, but I don’t want to spend too much time trying to optimize them, either.