Understanding human behavior isn’t a wrench, it’s gravity.
Biases exist. Understanding them isn’t another tool in the toolbox. They’re… Newtonian. They’re foundational to everything else.
Biases and behaviors are the starting point. They’re the operating systems we all run on. We don’t have to fix them, we have to work with them.
h/t Brian Portnoy and David Crosby for their conversation on “Behavioral Finance 2.0“