CHAPTER 16Michael BatnickLooking in the Mirror

You will do a great disservice to yourselves, to your clients, and to your businesses, if you view behavioral finance mainly as a window onto the world. In truth, it is also a mirror that you must hold up to yourselves.

—Jason Zweig

Earlier in the book I highlighted one of Stanley Druckenmiller's unforced errors; I've committed literally thousands of them. You might think this is hyperbole. It isn't. In 2012, I spent $12,000 in trading commissions. It's hard to believe I was trading that frequently; at the time, I thought I was investing! The following year, I decided to slow things down and focus on the big picture, with a slower, longer‐term approach. I lost almost $12,000 in a year when US ...

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