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Most investing mistakes are not math mistakes. They are behavior mistakes, made by smart people under pressure. I came to this the long way. While I was earning a risk-management master's in London, I noticed the same quiet assumption sitting under every model we studied: that investors behave rationally. The research I read for my thesis kept showing the opposite. People are not calculators. They buy in on excitement and sell out on fear, and over a lifetime that gap costs them more than any fee. I write The Behavioral Investor to take one idea from that research at a time, tell the story behind it, and show what it costs in real dollars. Plain English, concrete numbers, no jargon.
Read and Subscribe on LinkedIn →Past Editions
A 2012 study found the blind spot for your own bias grows with cognitive ability, not shrinks. What that costs investors every year, and the arrangements that close it.
Read the edition →Investors sell winners at 1.5x the rate they sell losers, then watch those winners outperform. The purchase price steering the decision is a fact about you, not the investment.
Read the edition →A man died two months after his divorce without updating one form, and the Supreme Court let the form stand. Why doing nothing feels safe, and what it quietly costs.
Read the edition →Gym members lose $600 betting on a future self who never shows up. The same present-bias gap quietly drains retirement savings, and the fix isn't more willpower. It's one decision, made once.
Read the edition →Isaac Newton lost a fortune in 1720, and it wasn't a brains problem. Why temperament, not IQ, is the real edge in investing, and how to build an environment that does the discipline for you.
Read the edition →The Behavioral Investor publishes on LinkedIn. Subscribe there and each new edition reaches you as it goes out: one idea from the research, the story behind it, and what it costs in real dollars.
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If you'd like a second set of eyes on how your own plan is built to weather the moments that trip most investors up, a 15-minute call is the easiest place to start.
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This content is for educational purposes only and does not constitute personalized investment, legal, or tax advice. Sirmium Capital is a registered investment adviser.