The mysterious mind of the investor

It was more than twenty years ago that I first heard of Daniel Kahneman, who died recently at the age of 90. This was shortly after he was first awarded the Nobel Prize for Economics (yes, I know that the Economics Nobel is not a real Nobel Prize, but let's not be pedantic). Kahneman's ideas, and in fact, the entire field of Behavioural Economics, came to widespread attention outside the field only at about that time. Since then, Kahneman's work, much of it in collaboration with Amos Tversky, has become enormously influential, not just in economics and finance but across a wide range of fields, including psychology, political science, and even medicine. Their groundbreaking research challenged the long-held assumption that human beings are fundamentally rational. Instead, it demonstrated the many ways in which our judgement and decision-making are subject to bias and heuristics. At that time, I