Thaler said that traditional economic theory assumes everyone is “super rational, has no self-control problems, never has a hangover, saves the exactly the right amount for retirement and then invests it perfectly.”
Then he hit on the most brilliant, and yet common sense insight, I've ever heard on investing. Thaler said, “We're more like Homer Simpson than we are like Spock (the always logical Vulcan on the original Star Trek that was usually in full control of his emotions).”
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