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Meaning
The quote says people often judge investments one by one instead of considering how they work together. It suggests that focusing only on the risk of each security can hide the bigger picture. The overall portfolio may matter more than any single holding.
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Original Language & Translation
Originally said in English.
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About Daniel Kahneman
Israeli-American psychologist
Daniel Kahneman was an Israeli-American psychologist best known for his work on judgment and decision-making, and for his role in behavioral economics. He was awarded the 2002 Nobel Memorial Prize in Economic Sciences with Vernon L. Smith. His research challenged the idea that people act as fully rational decision-makers, a core assumption in modern economic theory. He became known as the “grandfather of behavioral economics,” and his work is closely associated with how people think, choose, and judge under uncertainty.
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Books by Daniel Kahneman
Thinking, fast and slow
2011
Noise
2021
Choices, values, and frames
2000
Judgement under uncertainty
1981
Well-being
1998