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| Risk Matrix (Photo credit: Martin Burns) |
I was speaking to a portfolio manager one day and he mentioned that after 40 years in the industry, a Chartered Financial Analyst designation, and after having managed hundreds of millions of dollars he was convinced that investing success basically all came down to psychology. I’m slightly less draconian, and cast a larger net, as I’ve always said that personal financial success is 90% psychology and about 8% math.
A few years ago Michael Shermer wrote an op-ed piece titled, “Why people believe strange things about money” and he lead that piece with a citation of research that indicated that more people would prefer to earn $50,000 per year when everyone else earned... Continue to read.
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