From Arthur Zeikel, The Financial Analysts Journal — Nov/Dec 1975:

Why are so many of us wrong so much of the time? Surely one reason is that we accommodate change poorly. More for emotional than logical reasons, we tend to base our expectations on the status quo. John Maynard Keynes put it this way: “The facts of the existing situation enter, in a sense disproportionately, into the formation of our long-term expectations, our usual practice being to take the existing situation and to project it into a future modified only to the extent that we have more or less definite reasons for expecting a change.”..

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