Behavioral Portfolio Management Quotes

“Social validation, sometimes referred to as herding, is a powerful, hardwired behavior. It is observed in nearly all species, including geese, deer, fish, and insects. Herding is frequently critical for survival, so to go contrary to it is incredibly difficult. The lesson of our past is that sticking out from the crowd by doing something different is dangerous.”
― C. Thomas Howard, Behavioral Portfolio Management: How successful investors master their emotions and build superior portfolios