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Why Smart People Think Like Gamblers
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Similar ideas to 9. Separate Luck from Skill
Luck-skill attribution error distorts how we understand financial outcomes. This cognitive bias manifests because:
People have a natural tendency to conflate the quality of a decision with the quality of its outcome. They're not the same thing.
You can make a smart, rational choice but still get poor results. That doesn't mean you should have made a different choice; it simply means that other f...
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