1 00:00:01,160 --> 00:00:19,919 Speaker 1: BAA. Have you ever wondered why investing is so hard? 2 00:00:20,360 --> 00:00:23,480 Speaker 1: Why is it that your instincts always lead you astray? 3 00:00:24,079 --> 00:00:28,600 Speaker 1: Why are stories so compelling but probabilities leave us cold? 4 00:00:29,080 --> 00:00:32,000 Speaker 1: Why do you join the crowd buying in at the 5 00:00:32,040 --> 00:00:35,519 Speaker 1: top and then panic sel at the bottom. As it 6 00:00:35,600 --> 00:00:40,000 Speaker 1: turns out, you're just not built for this. I'm Barry Retoults, 7 00:00:40,040 --> 00:00:43,280 Speaker 1: and on today's edition of At the Money, we're going 8 00:00:43,360 --> 00:00:48,519 Speaker 1: to discuss evolutionary psychology at what it means for your portfolios. 9 00:00:49,080 --> 00:00:53,440 Speaker 1: Let's bring in Brian Portnoy. His firm Shaping Wealth helps 10 00:00:53,479 --> 00:00:58,760 Speaker 1: financial professionals with both money and meaning. So Brian, welcome 11 00:00:58,840 --> 00:01:02,680 Speaker 1: to At the Money. It turns out that investing is 12 00:01:02,720 --> 00:01:04,920 Speaker 1: hard for a reason. Tell us about that. 13 00:01:05,280 --> 00:01:09,240 Speaker 2: Yeah, thanks, Barry. We weren't wired for this. The brain 14 00:01:09,360 --> 00:01:13,400 Speaker 2: between our ears is more than one hundred thousand years old, 15 00:01:13,840 --> 00:01:17,280 Speaker 2: all right, So we're working with pretty old machinery. Money, 16 00:01:17,600 --> 00:01:21,600 Speaker 2: which we probably take for granted, is a relatively new invention. 17 00:01:21,760 --> 00:01:24,320 Speaker 2: Let's just call it, to make it easy, three thousand 18 00:01:24,400 --> 00:01:27,760 Speaker 2: years old. The brain's one hundred thousand years old. Money's 19 00:01:27,800 --> 00:01:31,120 Speaker 2: three thousand years old. The way we evolved was not 20 00:01:31,319 --> 00:01:36,360 Speaker 2: to spend and save wisely or to invest using modern 21 00:01:36,800 --> 00:01:40,800 Speaker 2: portfolio theory. Now, we are wired to survive in a 22 00:01:40,920 --> 00:01:44,920 Speaker 2: wild and dangerous environment where money was not even a thing. 23 00:01:45,080 --> 00:01:48,440 Speaker 2: So money and brains tend not to work very well together. 24 00:01:48,600 --> 00:01:50,360 Speaker 3: So let's take some examples. 25 00:01:50,400 --> 00:01:53,600 Speaker 1: Where does this evolutionary baggage that we're all stuck with, 26 00:01:54,280 --> 00:01:55,520 Speaker 1: how does it lead us astray? 27 00:01:55,840 --> 00:01:56,919 Speaker 3: Give us some examples. 28 00:01:57,240 --> 00:02:01,440 Speaker 2: Well, let's talk about time now versus later. So we 29 00:02:01,560 --> 00:02:04,760 Speaker 2: are as humans, really the only species that, in a 30 00:02:04,800 --> 00:02:08,440 Speaker 2: sophisticated way, can mental time travel. We've got the future, 31 00:02:08,480 --> 00:02:11,720 Speaker 2: we've got the past, we've got the present. And you know, 32 00:02:11,840 --> 00:02:14,520 Speaker 2: we were raised, we grew up as a species in 33 00:02:14,639 --> 00:02:18,000 Speaker 2: an immediate return environment, so there was a distant future. 34 00:02:18,120 --> 00:02:20,880 Speaker 2: But when you're out on the savannah and you're trying 35 00:02:20,919 --> 00:02:23,680 Speaker 2: to kill that animal and you're trying not to be eaten, 36 00:02:23,840 --> 00:02:27,040 Speaker 2: you're really focused on the here and now. Well, if 37 00:02:27,080 --> 00:02:29,399 Speaker 2: someone says, hey, you know, you're thirty five or forty 38 00:02:29,480 --> 00:02:31,359 Speaker 2: years old and we're going to put together a thirty 39 00:02:31,440 --> 00:02:35,720 Speaker 2: year portfolio for you, that literally doesn't make any sense 40 00:02:35,800 --> 00:02:38,280 Speaker 2: to who we are as a human species. 41 00:02:38,680 --> 00:02:42,000 Speaker 1: So let's talk a little bit about words and numbers. 42 00:02:42,120 --> 00:02:45,200 Speaker 1: Why is it that we love a great story. But 43 00:02:45,320 --> 00:02:49,200 Speaker 1: when we start thinking about probabilities and odds and numbers, 44 00:02:49,600 --> 00:02:51,000 Speaker 1: our brains turned to mush. 45 00:02:51,360 --> 00:02:54,359 Speaker 2: Yeah, it's just true that we were born as storytellers 46 00:02:54,400 --> 00:02:58,880 Speaker 2: and not as calculators. We're not particularly numerative. I say 47 00:02:58,919 --> 00:03:01,760 Speaker 2: two plus two. You don't calculate that, you just know 48 00:03:01,800 --> 00:03:04,399 Speaker 2: it's for. But if I give you something even slightly 49 00:03:04,440 --> 00:03:08,960 Speaker 2: more complicated, we begin to stammer over, well, what would 50 00:03:08,960 --> 00:03:11,600 Speaker 2: the answer be versus the way that we as a 51 00:03:11,680 --> 00:03:17,399 Speaker 2: tribal species developed many many years ago, thousands of years ago, 52 00:03:17,480 --> 00:03:21,000 Speaker 2: which was sharing stories. So the brain has evolved to 53 00:03:21,560 --> 00:03:24,160 Speaker 2: love and cherish stories. It's the way that we live 54 00:03:24,240 --> 00:03:28,040 Speaker 2: our lives. In fact, as we listen to new information, 55 00:03:28,160 --> 00:03:31,720 Speaker 2: we watch TV or read the internet, we are processing 56 00:03:32,400 --> 00:03:35,800 Speaker 2: enormous amounts of information and picking and choosing the bits 57 00:03:35,840 --> 00:03:38,640 Speaker 2: that map to the stories that we already believe. Some 58 00:03:38,720 --> 00:03:42,840 Speaker 2: psychologists might call this confirmation bias. Numbers they don't really 59 00:03:42,960 --> 00:03:44,680 Speaker 2: compute literally and figuratively. 60 00:03:45,080 --> 00:03:49,400 Speaker 1: So you talked about telling stories as a group. Let's 61 00:03:49,480 --> 00:03:53,840 Speaker 1: talk a little bit about humans as social primates and 62 00:03:53,880 --> 00:03:57,520 Speaker 1: the tendency to do what the crowd does. Why is 63 00:03:57,560 --> 00:04:00,000 Speaker 1: that a problem when it comes to stocks, and bonds. 64 00:04:00,400 --> 00:04:02,320 Speaker 2: Well there's a word for that, it's called hurting. But 65 00:04:02,600 --> 00:04:04,680 Speaker 2: why do we heard to begin with? Well, you know 66 00:04:04,760 --> 00:04:07,920 Speaker 2: you asked me at the start. You know what happened 67 00:04:07,920 --> 00:04:10,240 Speaker 2: to get us going in this direction? Well, one was 68 00:04:10,280 --> 00:04:12,640 Speaker 2: a focus on the here and now. Another was to 69 00:04:12,640 --> 00:04:16,320 Speaker 2: focus on your local tribe, meaning that was a source 70 00:04:16,360 --> 00:04:19,440 Speaker 2: of safety first and foremost, but it also became a 71 00:04:19,480 --> 00:04:24,479 Speaker 2: source of meaning and identity and community. So humans, you know, 72 00:04:24,520 --> 00:04:28,120 Speaker 2: we might think of ourselves as sovereign individuals, but in 73 00:04:28,160 --> 00:04:32,039 Speaker 2: some ways, before we become sovereign individuals, we are born 74 00:04:32,120 --> 00:04:36,520 Speaker 2: into tribal societies, tribal cultures. Our identities are formed through 75 00:04:36,640 --> 00:04:40,480 Speaker 2: those affiliations, and as a result, we want to be 76 00:04:40,600 --> 00:04:44,360 Speaker 2: with everybody else. It's really uncomfortable to go against the grain. 77 00:04:44,520 --> 00:04:47,760 Speaker 2: So fast forward a few thousand years to twenty four 78 00:04:47,800 --> 00:04:50,720 Speaker 2: to seven, fast moving capital markets. When you see people 79 00:04:50,839 --> 00:04:54,280 Speaker 2: running for the door or running into this room, or 80 00:04:54,320 --> 00:04:57,719 Speaker 2: something interesting is taking place, and you're going to be like, huh, 81 00:04:58,279 --> 00:05:00,960 Speaker 2: maybe I should go with them, because there is safety 82 00:05:01,000 --> 00:05:03,440 Speaker 2: in numbers, at least from a genetic wiring point of view. 83 00:05:03,560 --> 00:05:05,400 Speaker 1: So funny you say that as a kid, I grew 84 00:05:05,480 --> 00:05:08,800 Speaker 1: up watching mutual of Omaha's Wild Kingdom. Yeah, and the 85 00:05:09,000 --> 00:05:13,880 Speaker 1: marl Shada, the Savannah and just thousands of will to beast, 86 00:05:14,360 --> 00:05:18,279 Speaker 1: and they would always zoom in on that one limping 87 00:05:18,800 --> 00:05:21,520 Speaker 1: wild of beast on the edge of the herd, and 88 00:05:21,560 --> 00:05:24,440 Speaker 1: you just knew that guy was about to get separated 89 00:05:24,440 --> 00:05:26,120 Speaker 1: from the crowd and it wasn't going. 90 00:05:26,120 --> 00:05:27,320 Speaker 3: To be good for him. 91 00:05:27,760 --> 00:05:30,559 Speaker 2: It was not he was going to lose the race. 92 00:05:30,640 --> 00:05:33,279 Speaker 2: I mean, we are wired for a dynamic that I 93 00:05:33,279 --> 00:05:37,720 Speaker 2: simply called survive and thrive. Job number one every day 94 00:05:37,920 --> 00:05:41,440 Speaker 2: is to stay alive. You don't necessarily need to thrive 95 00:05:41,800 --> 00:05:44,480 Speaker 2: every day. You don't need to hit the jackpot every day, 96 00:05:44,520 --> 00:05:46,760 Speaker 2: but you certainly need to stay alive because you get one. 97 00:05:47,360 --> 00:05:50,160 Speaker 2: You got a one punch ticket, and you got to 98 00:05:50,200 --> 00:05:54,160 Speaker 2: stick around. So veering from the crowd from a historical, 99 00:05:54,240 --> 00:05:57,760 Speaker 2: from an evolutionary, from a psychological point of view, feels 100 00:05:57,839 --> 00:06:02,400 Speaker 2: uncomfortable for a reason because our ancestors who did veer 101 00:06:02,440 --> 00:06:05,479 Speaker 2: from the crowd, they're not really around to pass on 102 00:06:05,520 --> 00:06:07,279 Speaker 2: their genes to us, right, the. 103 00:06:07,520 --> 00:06:11,040 Speaker 3: Ones that the lines culled from the herd. That genetic 104 00:06:11,120 --> 00:06:12,320 Speaker 3: line ends there. 105 00:06:12,520 --> 00:06:15,480 Speaker 2: That's the way evolution works. We are an adaptive species, 106 00:06:15,520 --> 00:06:20,200 Speaker 2: so there are certain genes and instincts that are more 107 00:06:20,279 --> 00:06:24,600 Speaker 2: by luck than by design. They land well in the world, 108 00:06:24,720 --> 00:06:28,120 Speaker 2: and those are the ones that get replicated. Those are 109 00:06:28,279 --> 00:06:33,960 Speaker 2: the genes that profligate through our system our biological systems, 110 00:06:34,279 --> 00:06:37,960 Speaker 2: and as a result, the human condition is what it is. 111 00:06:38,279 --> 00:06:40,080 Speaker 3: So let's talk a bit about emotion. 112 00:06:40,800 --> 00:06:44,080 Speaker 1: I'm a big fan of Danny Kanneman's book Thinking Fast 113 00:06:44,160 --> 00:06:48,360 Speaker 1: and Slow. Why is it that our instinctual first reaction 114 00:06:49,360 --> 00:06:54,040 Speaker 1: is this often over the top emotional reaction that gets 115 00:06:54,080 --> 00:06:58,320 Speaker 1: our heart pumping, our breath quick, we begin to sweat. 116 00:06:58,600 --> 00:06:59,920 Speaker 3: Why do we react that way? 117 00:07:00,240 --> 00:07:02,559 Speaker 2: I mean it comes back to this survival instinct, Barry. 118 00:07:02,640 --> 00:07:08,719 Speaker 2: It's this hard wiring that we need to survive. We 119 00:07:08,880 --> 00:07:11,720 Speaker 2: are so good, if you think about it, so good 120 00:07:11,800 --> 00:07:14,560 Speaker 2: at sensing danger. If you walk into a room, could 121 00:07:14,560 --> 00:07:16,720 Speaker 2: be in your home or in the office, or if 122 00:07:16,720 --> 00:07:19,960 Speaker 2: you're socializing with friends. If there's something in that environment 123 00:07:20,000 --> 00:07:24,120 Speaker 2: that feels slightly off, you are so finely attuned to 124 00:07:24,200 --> 00:07:28,080 Speaker 2: it you are going to react. It's just who we are. 125 00:07:28,560 --> 00:07:31,200 Speaker 2: And so when you talk about Danny Kannoman, one of 126 00:07:31,240 --> 00:07:34,920 Speaker 2: my all time heroes, writer of Thinking Fast and Slow, 127 00:07:35,000 --> 00:07:39,280 Speaker 2: inventor of behavioral finance with almost tabsky. You absolutely have 128 00:07:39,360 --> 00:07:42,680 Speaker 2: that quickening heart rate, the pulse is going up, you're 129 00:07:42,720 --> 00:07:46,239 Speaker 2: sweating a little bit. Because that is a natural biological 130 00:07:46,440 --> 00:07:51,320 Speaker 2: reaction to a threatening environment. And the thing is a 131 00:07:51,400 --> 00:07:53,720 Speaker 2: line on the savannah and a red line on a 132 00:07:53,720 --> 00:07:56,800 Speaker 2: stock chart actually trigger us in the exact same way. 133 00:07:57,560 --> 00:07:59,920 Speaker 2: At some level, danger is danger is danger. 134 00:08:00,520 --> 00:08:01,000 Speaker 3: Huh. 135 00:08:01,040 --> 00:08:04,760 Speaker 1: So when we look at how humans have evolved and adapted, 136 00:08:05,240 --> 00:08:08,520 Speaker 1: it seems life on the savannah was hard, and our 137 00:08:08,640 --> 00:08:12,880 Speaker 1: emotions get us excited, and that leads us to a 138 00:08:13,000 --> 00:08:16,840 Speaker 1: fight or flight response, and that affects us in the 139 00:08:16,880 --> 00:08:20,680 Speaker 1: modern capital markets. Tell us what this means for us today. 140 00:08:21,000 --> 00:08:24,000 Speaker 2: One thing I'd want to stress is that you sometimes hear, well, 141 00:08:24,040 --> 00:08:27,560 Speaker 2: let's take the emotions out of investing. Well, it's sort 142 00:08:27,600 --> 00:08:30,480 Speaker 2: of like saying let's take gravity out of space. There's 143 00:08:30,560 --> 00:08:32,840 Speaker 2: no way to get around it. We are emotional creatures. 144 00:08:32,880 --> 00:08:35,679 Speaker 2: Emotions are actually sources of information so that we can 145 00:08:35,800 --> 00:08:38,839 Speaker 2: navigate the world better. So there's nothing wrong with having 146 00:08:38,880 --> 00:08:42,319 Speaker 2: an emotional reaction. Hey, my portfolio is declining in value. 147 00:08:42,360 --> 00:08:44,359 Speaker 2: Am I still going to be able to retire comfortably? 148 00:08:44,520 --> 00:08:49,240 Speaker 2: Those are totally natural, normal reactions. But what I'd stress 149 00:08:49,800 --> 00:08:54,000 Speaker 2: is that we get away from thinking of ourselves as irrational. 150 00:08:54,280 --> 00:08:57,120 Speaker 2: By the way, irrational is an economist's word for stupid, 151 00:08:57,400 --> 00:09:00,760 Speaker 2: We're not stupid. Richard Thaylor, one of the other pioneers 152 00:09:00,800 --> 00:09:04,480 Speaker 2: in behavioral finance, has said that people aren't dumb. The 153 00:09:04,520 --> 00:09:07,679 Speaker 2: world is hard. The world is very hard. We're processing 154 00:09:07,720 --> 00:09:10,840 Speaker 2: a lot of information. It is complicated times. So let's 155 00:09:10,880 --> 00:09:13,600 Speaker 2: not think of ourselves as irrational. Let's think of emotions 156 00:09:13,600 --> 00:09:17,480 Speaker 2: as a source of information and strength and think, well, 157 00:09:17,640 --> 00:09:21,480 Speaker 2: we are normal. We are adaptive for a reason. It 158 00:09:21,559 --> 00:09:24,400 Speaker 2: might land us in a difficult spot, but we can 159 00:09:24,440 --> 00:09:26,400 Speaker 2: pull back from that and, with a little bit of 160 00:09:26,400 --> 00:09:28,199 Speaker 2: self awareness, make better decisions. 161 00:09:28,480 --> 00:09:29,600 Speaker 3: So let me bring up. 162 00:09:29,520 --> 00:09:32,679 Speaker 1: Something that Danny Conneman said that I found so fascinating. 163 00:09:33,120 --> 00:09:37,480 Speaker 1: He said, even I full prey to my own cognitive 164 00:09:37,520 --> 00:09:43,400 Speaker 1: biases and emotional reactions. If someone as knowledgeable and just 165 00:09:43,440 --> 00:09:47,160 Speaker 1: a pioneer in the space as Danny Khneman is susceptible 166 00:09:47,200 --> 00:09:49,959 Speaker 1: to emotions leading him astray, what. 167 00:09:50,000 --> 00:09:51,120 Speaker 3: Hope do the rest of us have? 168 00:09:51,720 --> 00:09:53,360 Speaker 2: We have a ton of hope, Barry, a ton of 169 00:09:53,360 --> 00:09:55,880 Speaker 2: hope because we're not supposed to be automatons. It's an 170 00:09:55,880 --> 00:09:58,880 Speaker 2: awesome thing. That we are emotional. It makes life rich 171 00:09:59,040 --> 00:10:02,480 Speaker 2: and colorful. It's just that we want to make sure 172 00:10:02,600 --> 00:10:06,800 Speaker 2: that we appreciate that emotion is a language with vocabulary, 173 00:10:06,880 --> 00:10:10,200 Speaker 2: and as we navigate markets, as we navigate our financial lives, 174 00:10:10,520 --> 00:10:15,480 Speaker 2: these feelings of greed, joy, fear, envy, anger. One they 175 00:10:15,520 --> 00:10:19,040 Speaker 2: are normal, and two, we can use those as a 176 00:10:19,120 --> 00:10:22,240 Speaker 2: jumping off spot to understanding how we want to approach 177 00:10:22,280 --> 00:10:27,120 Speaker 2: a situation and make things better. When Danny Conman says, hey, 178 00:10:27,200 --> 00:10:30,240 Speaker 2: I can't get rid of my biases, he's opening actually 179 00:10:30,280 --> 00:10:33,120 Speaker 2: a really fantastic door for all of us to appreciate 180 00:10:33,160 --> 00:10:35,839 Speaker 2: that this is just the way that we are. So 181 00:10:36,200 --> 00:10:39,440 Speaker 2: the job here is not to change human nature. It's 182 00:10:39,480 --> 00:10:42,720 Speaker 2: to understand human nature in ways that help us make 183 00:10:42,760 --> 00:10:45,040 Speaker 2: better decisions in a very complicated world. 184 00:10:45,160 --> 00:10:48,079 Speaker 1: So I love the way you're framing that. So let's 185 00:10:48,080 --> 00:10:52,440 Speaker 1: take what's probably one of the two most damaging emotions 186 00:10:52,720 --> 00:10:56,360 Speaker 1: in finance, which is fear. So we're recording this. Markets 187 00:10:56,400 --> 00:10:58,680 Speaker 1: have been a little wobbly the past couple of weeks. 188 00:10:59,240 --> 00:11:01,960 Speaker 1: After a good run from the lows in twenty twenty two, 189 00:11:02,320 --> 00:11:06,040 Speaker 1: things have kind of stumbled a bit, and the genuine 190 00:11:06,240 --> 00:11:10,079 Speaker 1: risk for investors is After this goes on for a 191 00:11:10,160 --> 00:11:13,240 Speaker 1: few weeks or even months, they just throw their hands 192 00:11:13,320 --> 00:11:17,880 Speaker 1: up and say, I'm not sleeping, I'm not comfortable, Get 193 00:11:17,920 --> 00:11:21,640 Speaker 1: me out. Everybody who works with clients has heard that phrase. 194 00:11:21,960 --> 00:11:25,079 Speaker 1: I can't take it anymore, get me out. Usually it's 195 00:11:25,120 --> 00:11:29,480 Speaker 1: a great buying signal. Why is it that at Low's 196 00:11:29,920 --> 00:11:32,240 Speaker 1: our panic reaches a crescendo. 197 00:11:32,880 --> 00:11:36,240 Speaker 2: Well, it gets back to the fear instinct. The reason 198 00:11:36,800 --> 00:11:41,199 Speaker 2: we feel fear is that we sense danger. We sense 199 00:11:41,280 --> 00:11:43,880 Speaker 2: a threat to our security. It might not be our 200 00:11:43,920 --> 00:11:48,199 Speaker 2: physical lives way back in the day, but our financial 201 00:11:48,240 --> 00:11:50,800 Speaker 2: lives if they are under threat, well, maybe we can't 202 00:11:50,880 --> 00:11:54,240 Speaker 2: afford to eat, maybe we can't afford our mortgage. These 203 00:11:54,360 --> 00:11:59,600 Speaker 2: feel very uncomfortable. They are legitimate emotions. One thing I'd add, though, 204 00:12:00,240 --> 00:12:04,600 Speaker 2: is that if we think of investing broadly, less as 205 00:12:04,920 --> 00:12:08,760 Speaker 2: a game or a casino something to be one, but 206 00:12:08,920 --> 00:12:13,439 Speaker 2: as a tool in reaching our goals, we actually dampen 207 00:12:13,559 --> 00:12:17,240 Speaker 2: down some of those harsher emotions that we might feel 208 00:12:17,280 --> 00:12:21,600 Speaker 2: because we no longer are asking the question am I 209 00:12:21,640 --> 00:12:24,640 Speaker 2: am I holding the right investments? How much money am 210 00:12:24,679 --> 00:12:27,640 Speaker 2: I losing? We pivot to a more constructive question of 211 00:12:28,200 --> 00:12:30,959 Speaker 2: am I closer to or further away from my goals, 212 00:12:31,600 --> 00:12:34,880 Speaker 2: and the goals actually serve as a really fantastic bridge 213 00:12:34,920 --> 00:12:37,400 Speaker 2: from a cognitive point of view, from an emotional point 214 00:12:37,400 --> 00:12:40,760 Speaker 2: of view, where you can really have a better conversation 215 00:12:41,200 --> 00:12:44,600 Speaker 2: in your own mind with your partner, with your financial advisor. 216 00:12:44,840 --> 00:12:48,000 Speaker 2: It provides a context so that you're not being whipsawed 217 00:12:48,080 --> 00:12:51,000 Speaker 2: by the daily machinations of the market. If you're paying 218 00:12:51,040 --> 00:12:54,319 Speaker 2: too close of an attention to that, you're probably not 219 00:12:54,320 --> 00:12:56,640 Speaker 2: playing the game that you should be in terms of 220 00:12:56,640 --> 00:12:58,120 Speaker 2: long term financial well being. 221 00:12:58,840 --> 00:12:59,920 Speaker 3: Really really intriguing. 222 00:13:00,320 --> 00:13:04,720 Speaker 1: So if I get this right, emotions are natural doesn't 223 00:13:04,760 --> 00:13:06,000 Speaker 1: mean we're dom or stupid. 224 00:13:06,040 --> 00:13:09,679 Speaker 3: It's part of who we are. But allowing your. 225 00:13:09,480 --> 00:13:13,520 Speaker 1: Emotions to affect your thought process to lead to bad 226 00:13:13,600 --> 00:13:20,760 Speaker 1: decisions that could cause bad investments, bad timing, and bad behavior, 227 00:13:20,960 --> 00:13:23,560 Speaker 1: and that leads to bad results. 228 00:13:24,000 --> 00:13:26,800 Speaker 3: But at the very least, if you're aware of your. 229 00:13:26,679 --> 00:13:30,480 Speaker 1: Emotions and put them into some context and don't allow 230 00:13:30,520 --> 00:13:36,280 Speaker 1: them to overly affect your decision making process, hey you're 231 00:13:36,360 --> 00:13:40,520 Speaker 1: halfway there to a successful financial result. The bottom line, 232 00:13:41,080 --> 00:13:43,319 Speaker 1: don't allow your emotions to get the better of you. 233 00:13:44,000 --> 00:13:52,120 Speaker 1: That's just your wetwear. That's just how you're built. You 234 00:13:52,160 --> 00:13:55,000 Speaker 1: can listen to At the Money every week, find it 235 00:13:55,040 --> 00:13:58,080 Speaker 1: in our Masters and Business feed at Bloomberg dot com, 236 00:13:58,120 --> 00:14:01,760 Speaker 1: Apple Podcasts, and Spotify. Each week, we'll be here to 237 00:14:01,800 --> 00:14:05,280 Speaker 1: discuss the issues that matter most to you as an infestor. 238 00:14:05,679 --> 00:14:06,760 Speaker 3: I'm Barry Rittolts. 239 00:14:07,000 --> 00:14:10,520 Speaker 1: You've been listening to Add the Money on Bloomberg Radio.