Behavioural Finance

The lowered valuations of assets is not important, only the value when you need to withdraw years in the future. You're much better to sit tight and wait, rather than to exit when markets are down.

Classical finance asks us to believe the investment journey does not matter. That is a mistake. Ignoring strong intuitions of the investors who have to endure the journey is always a mistake. When we lack comfort with our portfolio, we will act in costly ways to acquire it.

The trouble with cool heads is that they make plans for other cool heads, when in fact they should be making plans for an entirely different beast.