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Meir Statman
Understand the pull of your emotions. Gains are fun. Gains bring pride. Gains promote optimism about the future. Losses bring sadness, fear, regret and pessimism.
We are naturally drawn to improving the state of our emotions, which is why people are tempted to get rid of their losing stocks. Develop some resilience.
My parents were 14 when they escaped from Poland as the Nazis were advancing in 1939. They met and married in Uzbekistan and went on to make a life for themselves. What is a 20% or even 70% portfolio loss compared to that?
NEXT: William Goetzmann
Last updated April 28 2008: 1:20 PM ET
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