Most people are overconfident about their own abilities. That is probably a good thing. But we would be horrified if a physician's aide engaged in heart surgery.
Maybe we should teach schoolchildren probability theory and investment risk management.
Great investors need to have the right combination of intuition, business sense and investment talent.
While neurological studies have tried to identify components responsible for fear and greed, the impact on finance is less clear.
Some people might say, 'Can we afford it?' I think that's asking the wrong question... We should instead be asking, 'Can we really afford not to try?'