Key Takeaways

Key TakeawaysDespite a poor track record we humans are addicted to forecasting. Investment strategies based on accurate forecasting are likely doomed to underperformance.

Key TakeawaysInvesting is an arena in which both skill and luck play a role. Investors should seek managers who are transparent about their strategies and humble in their approaches.

Key TakeawaysConfirmation bias prevents us from finding disconfirming evidence. Investors need to work actively to expose themselves to a wide range of information.

Key TakeawaysMale investors would do well to take some cues from female investors, who achieve equal returns with less risk and less trading.

Key TakeawaysNo individual can be competent in all areas of personal finance. We all need some help and counsel, especially when it comes to avoiding rash decisions.

Key TakeawaysTrue financial planning is less about portfolio management and more about the major financial dilemmas we all face.

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