Now suppose that he hasn’t completely accepted the risk. What if his expectations didn’t take into account any market behavior other than what he wanted? From this mental perspective, if the market doesn’t do what he wants, he is going to feel pain—emotional pain. Expectations are our mental representations of how some future moment in the environment is going to look, sound, feel, smell, or taste. Depending upon how much energy is behind the expectation, it can hurt a lot when it isn’t fulfilled.
