James Kirby

Let's just take them.

I think perhaps the most interesting is herding, H-E-R-D-I-N-G, the herd, the bandwagon, whatever.

Explain that one, Rusty.

And we cover this on the show quite regularly.

I mean, it was just glaringly obvious that Perth, that the fundamentals were so good there compared to other cities.

And it is the case.

And maybe it's the case right now that Melbourne's fundamentals are clear.

They're certainly better than Perth right now because Perth is probably at the end of a very long run, which has been very good.

And Melbourne seems to go from bad to worse.

But that is a point at which perhaps the fundamentals look better.

OK, so that's the herd mentality.

Yeah.

The loss aversion is pretty simple.

Everyone hates losing money.

Is it as simple as that, loss aversion?

Yeah, everyone hates it.

Even you can make $1,000 on one stock and lose $100 on the other, and the $100 that you lost can hurt more.

What's the Warren Buffett thing?

Never lose money.

The first rule, never lose money.