Quote
“I hated discussing ideas with investors,” he said, “because I then become a Defender of the Idea, and that influences your thought process.” Once you became an idea’s defender, you had a harder time changing your mind about it.
Mr. Burry is referring to commitment bias which causes individuals to become more convinced of their position once it has been publicly explained or debated with others. Along with confirmation bias, commitment bias is possibly one of the most dangerous pitfalls that investors can encounter.Share
Sign In to comment on this quote
