Dr. Daniel Crosby

So all else equal,

fund fees tend to erode performance.

So there's never been a better time to be an investor.

It's never been cheaper to own the world, to get exposure to the entire world and a host of asset classes.

So go learn about yourself and then go buy the world in the cheapest way possible.

Yeah.

So what I tried to do, like you said in the book, was there's something like 200 plus different behavioral biases.

And it's not a very empowering thing to say to an investor, look, there's 200 ways that you could screw this up.

And so what I wanted to do was to kind of arrive...

at some meta biases, some sort of meta tendencies that dramatically impacted the way we behave with money.

So the first one is ego.

Ego takes a couple of forms, but broadly it's overconfidence.

It's thinking we are smarter than the next person, luckier, and more prescient about the future.

So overconfident people, which is incidentally just about all of us, we think we're luckier than average.

We think we know what's coming down the road.

And all this causes us to do things like overtrade or to underdiversify or to sort of do too much with our money.

Right.

There was a I posted on LinkedIn today a hilarious there was hilarious research that was done on like a list of animals and ask people which animals they thought they could beat in a fight.

Right.

So it was like, could you beat, you know, could you beat a mouse, a cat, a dog, a bear, an alligator, like all you know, all of these things.