The Need to be Included Leads to Many Things Irrational Behavior Creates Inefficiency

Don’t Let the Past Determine the Future

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On the behavioral-finance side, one of many inefficiencies comes from people anchoring on the past. People assume something is cheap, say, just because it hasn’t traded at such a low valuation for five or ten years. But that doesn’t matter, what matters is what will be.
Source: http://www.valueinvestorinsight.com/