MICHEL PIREU: Overcoming self-deception essential in the world of investing
Fooling ourselves into thinking we are less likely to make mistakes than others can result in costly decisions
“I think it’s much more interesting to live not knowing than to have answers that might be wrong,” said physicist Richard Feynman. “I have approximate answers and possible beliefs and different degrees of uncertainty about different things, but I am not absolutely sure of anything and there are many things I don’t know anything about. I don’t feel frightened not knowing things, by being lost in a mysterious universe without any purpose, which is the way it really is as far as I can tell.”
He was doubtless talking about investing in the stock market. After all, what investor doesn’t have approximate answers and possible beliefs and different degrees of uncertainty, isn’t sure of anything and doesn’t have many things they know nothing about? As for rather not knowing than having answers that might be wrong….