Michael Mauboussin

When a friend recently told me she wanted to invest more money in bonds, I was surprised. Not just because we rarely discuss specific investments. (I'm uncomfortable giving friends financial advice for obvious reasons). But mostly because she's considering loading up on bonds right now. Wow, bad...

Whether it's the "irrational exuberance" of the last decade or the apocalyptic view that prevailed last winter, investor psychology tends to be shortsighted and veer toward extremes. But investors need to overcome myopia and getting lost in the moment, Michael Mauboussin, the chief investment...