Scott Nations

speaker

580 appearances 1 recordings 1 series first heard Jan 2026 last heard 16 Jan

Scott Nations’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Jan 2026 with 1.

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Prof G Markets · Your Brain is the Worst Investor in the Room — ft. Scott Nations · 16 Jan 2026 podcast

the piece of data that you point out, and this is from Vanguard, which I find fascinating, is that behavioral biases, these biases that you talk about, on average, they reduce returns by 150 basis points per year.

So that's minus one and a half percent because of whatever these evolutionary behavioral biases built into the human brain are.

What are some of these biases?

You mentioned loss aversion, risk aversion.

What are some of the really bad ones that screw investors up the most?

There are a couple that are just particularly fascinating to me.

Now, I spent 25 years

as a proprietary option trader at the Chicago Mercantile Exchange.

So trading for my own account, trading for my firm's proprietary account.

And so I've seen all of these biases in action.

I will say this.

One of the ones that...

as a proprietary trader, you have to really disabuse yourself of straight away, is the disposition effect.

And it's one of the most insidious but also common biases.

Let's define our terms.

The disposition effect is the tendency that all investors have to sell their winners and hold their losers.

And there is some research which quantifies the loss that most investors experience by falling for this.

That is, by selling their winners and holding their losers.

And the reason I say it's insidious is because it's so easy to rationalize what you're doing.

You're looking at your portfolio.

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