The Business Lessons of the Belmont Stakes
Harvard Business Review
JUNE 8, 2012
Daniel Kahneman , a renowned psychologist who won the Nobel Prize in economics, developed this concept in the 1970s along with his collaborator, Amos Tversky. A success rate of less that 15% is not encouraging. For a market to be efficient, where price is an unbiased estimate of value, investors must be cognitively diverse.
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