Dr. Daniel Crosby

And they asked this question to like 2,000 Americans and 2,000 folks from the UK.

And in every case, the Americans were dramatically more confident than the Britons that they could beat up this animal, right?

So there's regional... Incidentally, I don't think that 8% of Americans can beat up a grizzly bear, which is what the results showed.

But...

There's regional differences.

There's gender differences.

Men tend to be way more overconfident than women.

Very consistently, we find that women are better investors than men and that men are way more overconfident.

So that's all sort of ego.

emotion is just what it sounds like.

It's just sort of letting the heart get in the way of the head when making investment decisions, letting sort of our emotions override our intellect.

Attention is the process of confusing what is loud with what is likely.

So when you look at the brain's retrieval mechanism, we know that like,

the way that we remember things gets colored by a host of things.

It gets colored by the mood you're in.

It gets colored by the order in which things occur.

And one of the things that predicts very highly our ability to remember something is if it's sort of rare or scary.

One of my examples, I know you guys like this example, is that far more people die every year taking selfies.

Many, many times more people die every year taking selfies than die of shark attack.

And yet, you know, anytime there's a shark attack, you hear about it on the news all across the world for six months.