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This tendency was not merely of academic interest. Danny and Amos agreed that there was a real-world equivalent of a “sure thing”: the status quo. The status quo was what people assumed they would get if they failed to take action. “Many instances of prolonged hesitation, and of continued reluctance to take positive action, should probably be explained in this fashion,” wrote Danny to Amos. They played around with the idea that the anticipation of regret might play an even greater role in human affairs than it did if people could somehow know what would have happened if they had chosen differently. “The absence of definite information concerning the outcomes of actions one has not taken is probably the single most important factor that keeps regret in life within tolerable bounds,” Danny wrote. “We can never be absolutely sure that we would have been happier had we chosen another profession or another spouse. . . . Thus, we are often protected from painful knowledge concerning the quality of our decisions.”
The Undoing Project
Michael Lewis
To Know Yourself, Study Others’ Mistakes In the decades since my trading debacle, I’ve seen many investors blow up their portfolios using top-down investing, basically in two related ways. They (1) invest with no notion of fair value and (2) fail to assimilate new information.
Big Money Thinks Small
Joel Tillinghast
The uncomfortable truth is that most of us don’t come across the way we intend. We can’t see ourselves truly objectively, and neither can anyone else. Human beings have a strong tendency to distort other people’s feedback to fit their own views. We know this intellectually, and yet we rarely seem to recognize it as it’s happening.
No One Understands You and What to Do About It
Heidi Halvorson
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