"In any diversified portfolio..."
“In any diversified portfolio, there will be both winners and losers, and the consideration that should determine which you should sell, if any, is certainly not the price at which you bought it originally.”
— Daniel Kahneman
Is that really a Kahneman quote? One of my all time favorite thinkers but didn’t know he touched on finance much versus broadly behavioral economics
Love this quote.
Kahneman is such an extraordinary thinker. Completely changed the way decisions in finance are viewed now.
Definitely turned Adam Smith's concept of the rational-economic upside down.
Smith: Man makes decisions based on the rational analysis of potential and desired outcomes and acts in his (or her) own rational self-interest.
Kahneman: I think not