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Understanding the behavioral mistakes that affect every manager is the first step in overcoming (or limiting) those mistakes. Selling winners too early, letting the market rule your emotions, and trading too much are only a few of the pitfalls that must be overcome through experience and analysis. Behavioral mistakes in portfolio management are one of the top reasons, if not the top reason, investment managers fail to outperform the market. The magnification of both the potential for downside risk and FOMO (fear of missing out) create pressure on the behavioral control necessary to be successful.

I must take care not to compound my error by reacting emotionally. I must adapt to changing circumstances.

—George Soros, investor