Summary:
Hersh Shefrin, author of Beyond Greed and Fear, joins Andy for a deep dive into the psychology of investing. Drawing on his background in physics, economics, and his collaborations with Richard Thaler and Daniel Kahneman, Hersh explains how behavioral finance reshapes the way we understand markets. Together, they explore how heuristics, biases, and frame dependence affect decisions, and why self-awareness and personal development are critical for investors. Hersh also emphasizes the value of having a supportive “buddy” to keep perspective and manage risk in an uncertain market.

What You’ll Learn in This Episode:
– The role of heuristic-driven biases and frame dependence in investment decisions
– Why balancing rational and emotional thinking leads to better outcomes
– How “sentiment risk” impacts markets and what it means for investors
– Why having an investing buddy can counteract biases and sharpen decision-making
– How dopamine and psychology influence long-term investing discipline

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