Investors tend to make choices based on recent events, such as a steep drop in stocks. Here's what the annual 'Shark Week' frenzy can teach us about investing.
This bias leads investors to put too much emphasis on recent events — say, a stock-market rout, or the meteoric rise of bitcoin or a"People need to understand that recency bias is normal, and it's hard-wired," said Charlie Fitzgerald III, an Orlando, Florida-based certified financial planner. "It's a survival instinct.
"Would you want to go for a long ocean swim after watching 'Jaws'? Probably not, even though the actual risk of being attacked by a shark is infinitesimally small,"Fitzgerald equates the impulse to a bee sting.
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