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How You Really Make Decisions

A few weeks ago BBC Two repeated a Horizon documentary from earlier in the year called “How You Really Make Decisions” which draws on the work of Professor Daniel Kahneman, an American psychologist. Whilst at first glance this may not seem to be an obvious subject for a wealth management Blog, Kahneman is a leading expert in behavioural economics who won the 2002 Nobel Prize in Economics for his work. He came to the attention of a

Thinking Fast and Slow

We have recently been enjoying ‘Thinking Fast and Slow’, a book by Daniel Kahneman. The book attempts to synthesise how humans make decisions. Of particular interest was the way in which the author used his vast experience to study how humans make financial decisions. Daniel talks about a variety of problems: overconfidence when making financial decisions; that financial markets are largely random; and that optimism is fine but only if you do think in a