Masters in Business
At the Money: Why Self-Insight Is So Important
Feb 21, 2024
Barry Ritholtz welcomes David Dunning, a psychology professor, to discuss the importance of self-insight for investors. They explore self-deception, decision-making in economic games, and the impact of social media on self-awareness. They also touch on overconfidence in claiming expertise and navigating information overload.
14:09
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Quick takeaways
- Accurate self-knowledge is crucial for investors, as self-deception leads to poor market results.
- Assessing our abilities is challenging due to biases and limited knowledge, impacting self-perception and confidence in judgments.
Deep dives
The Challenges of Knowing Ourselves
Knowing ourselves is difficult due to biases in assessing our character and competence. We overplay our influence on the world and overestimate how much we know. Our ignorance is invisible, and external feedback is incomplete. We engage in self-deception and protect our egos, impeding accurate self-knowledge. It's crucial to assess our confidence in judgments and plan for the unexpected.
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