My latest column in Research magazine is now available. I called it “Prone to Wander.” Here’s a taste.
Human nature and human behavior are not likely to change anytime soon.
Most fundamentally, our brains, our networks and even our social media accounts all conspire to put us and leave us in echo chambers rather than in places where we might find helpful correction.
We find what we’re looking for most of the time, but we’re not looking for the right things.
This general problem manifests itself most often in three ways, victimizing advisors and their clients alike. Oh, and it applies to life in general, too.
- We do what is easy instead of what is right.
- We feed our short-term impulses rather than our long-term interests.
- We do what we want to the detriment of what we need.
There are no easy remedies for our shortsightedness.
However, as Nobel laureate Daniel Kahneman said, “You are going to be more accurate and produce more accuracy by leaning against the biases.”
I hope you will read it all as well as the entire issue. Happy New Year!