A common anchor is the original cost price of a stock, which makes investors hang on to loser investments in the hope of exiting once they break even. These investors overlook Phil Fisher’s warning on the huge costs of this bias: More money has probably been lost by investors holding a stock they really did not want until they could “at least come out even” than from any other single reason. If to these actual losses are added the profits that might have been made through the proper reinvestment of these funds if such reinvestment had been made when the mistake was first realized, the cost of
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