CHAPTER 9Bill AckmanGet Of Your Soapbox
Our satisfaction with our views of the world is part of our self esteem and personal identity.
—Robert Shiller
I once saw the Nobel Prize–winning psychologist Daniel Kahneman say, “Ideas are part of who we are. They become like possessions. Especially publicly. I mean, flip flopping is a bad word. I love changing my mind!” This attitude stands in stark contrast to most investors, who loathe to do few things more than kill a previously held belief. Our inability to process information that challenges our ego is one of the biggest reasons why so many investors fail to capture market returns.
The world is always changing, but our views usually don't evolve alongside it. Even when we're presented with ...
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