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Value Investing: Tools and Techniques for Intelligent Investment by James Montier

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Chapter 12. Maximum Pessimism, Profit Warnings and the Heat of the Moment[12]

  • Psychologists have documented that we are very poor at predicting how we will feel in the future. For instance, when we are stuffed after a good meal, we can't imagine feeling hungry. Likewise, when starving we can't imagine feeling bloated. When we are in a cold, rational frame of mind we say we will behave in one fashion; when we are smack bang in the middle of a situation with our blood pumping, our previous plans are thrown out of the window.

  • Let's imagine you are hired as a proofreader. You can set your own deadlines, hand everything in at the last moment, or go with a predetermined set of deadlines from the publishers. Most people go with handing everything in at the last moment: after all, they reason, they can do the ...

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