The Unusual Interaction Between Stock Market Prices and Human Psychology

Zachary: Why do you think these friends of ours who are really smart, really thoughtful investors got seduced and were able to suspend disbelief? I'm wondering if in some ways it was that they learned the wrong lesson from people like Bill Miller and Nick Sleep in buying things like Amazon. They saw the quality and then rode them for many, many years. These are really talented investors. They're not mugs. And where I go to at its absolute core is that – so the one thing to be really clear about, I believe, is that any one of us is susceptible to this, including Warren Buffett.