The long view
With the explosion of data in recent years the distant past shrivels into meaningless insignificance, says this BBC article. When you start looking back, you have far too much of the recent stuff and far too little of the old. Also called the recency bias, the article says short-term analyses aren’t only invalid – they’re actively unhelpful and misleading.
The single truth
Economists often portray economics as a science with a single set of truths, notes this RSA blog. But understanding that there are many different schools of economic thought is integral to a healthy democracy. And experts aren’t the only ones to hold valid opinions who can contribute meaningfully to the debate, all of us can too.
Mine's is best
Behavioural economics calls the tendency to over-value what you own the endowment effect. This research paper finds the presence of the endowment effect (even amongst experienced investors) by examining random allocations of IPO shares in India. Some argue this effect is reduced for experienced traders. Inertia may play a particular role here.