Behaviour
Chasing last year's best fund is a reliable way to lag
Performance tables are backward-looking, and buying the top of one has a poor record.
Behaviour
Selling in a fall, chasing returns, and the habits that cost the most.
21 articles · updated August 11, 2026 · page 1 of 2
Behaviour
Selling in a fall is the most expensive thing investors do
The gap between fund returns and investor returns is well documented, and it is almost entirely behavioural.
More in Behaviour
Behaviour
Why a loss feels bigger than the same-sized gain
The asymmetry between losing and gaining is the single most useful thing to understand about your own investing, and it explains…
Behaviour
Recency is why last month feels like the future
Recent experience dominates expectation, which is why investors are most optimistic after rises and most cautious after falls.
Behaviour
The difference between a plan and an intention
An intention is something you mean to do. A plan specifies what happens, when, and what triggers it. Only one of them survives…
Behaviour
Doing nothing is an active decision and it is hard
Inaction is the correct response to most market events and the hardest to execute, because it feels identical to negligence.
Behaviour
The illusion of control, and where it costs money
Activity creates a feeling of influence over outcomes that are largely determined by things you do not control.
Behaviour
Overconfidence is quietest when it is most expensive
The investors most certain they can judge a market are rarely the ones who have checked their own record.
Behaviour
Confirmation bias works hardest on things you already own
Once you hold something, your reading changes. Supporting evidence becomes obvious and contrary evidence becomes questionable.
Behaviour
Your calm self cannot predict your panicking self
Asked in a quiet moment how you would react to a crash, you will answer as the person who is not experiencing one.
Behaviour
Why the same money gets treated differently
A windfall, a salary and an inheritance are identical amounts that people invest, spend and protect in completely different ways.
Behaviour
Hindsight makes every crash look obvious
After the event, the warning signs are clear, the commentary is unanimous and everyone remembers having been concerned. Almost none…