What Property Investors Shouldn’t do - Without Questioning

They don’t accept things as true without questioning.

In an uncertain world, we love to be right because it helps us make sense of things.

One of the ways we strive to be correct is by looking for evidence that confirms we are correct.

Psychologists call this confirmation bias.

For example, property investors tend to look for information confirming their hunch about a property strategy, region, or trend.

I’ve found those who display strong confirmation bias tend to be more overconfident, yet tend to make the least money.

It seems we like to be right, even if it costs us money.

Instead, successful investors understand that most of us are ruled by our prejudices, so they maintain a healthy scepticism and question new information before accepting it to be true.

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Jason Gwerder
Thursday, 30 May 2024

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