THINKING FAST AND SLOW SUMMARY | PART 2 (BY DANIEL KAHNEMAN)

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This is the second part describing some of the greatest takeaways from the psychological biases presented in Daniel Kahneman’s Thinking Fast and Slow.

The ultimate books on how to achieve a millionaire mindset: http://bit.ly/2RSAnmT

Top 5 takeaways from Thinking Fast and Slow:
00:00 Intro
00:34 1. Regression to the Mean
03:21 2. Hindsight bias
05:24 3. Overconfidence
10:28 4. The Sunk-Cost Fallacy
12:53 5. Availability Heuristics

TL;DW:
- Regression to the mean is one of the reasons why there’s no use in chasing those top performing mutual funds
- Hindsight bias is the reason why you sometimes think (more often than warranted) that “you knew it all along”
- Most people are overconfident in their predictions and in their perceived knowledge. This can be disastrous in the stock market – don’t ever let your overconfidence lead to a sloppy analysis before investing your money
- You can’t dig yourself out of a hole. Some losses must be accepted – both in life and the stock market. Don’t be a victim of the sunk-cost fallacy.
- Events seem to be occurring more frequently the easier they are to retrieve from memory – this is due to availability heuristics

My goal with this channel is to help you make more money and improve your personal finances. How to become a millionaire? There are many ways to get there – investing in the stock market, becoming a stock trader, doing real estate investing, or why not becoming an entrepreneur? But whether you are interested in how to invest in stocks or investing strategies for creating passive income with rental properties – I hope to be able to provide you with a solution (or at least an idea) here. Warren Buffett - the greatest investor of our time - says that you should fill your mind with competing ideas and then see what makes sense to you. This channel is about filling your mind with those ideas. And in the process – upgrading your money-making toolbox.

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