Most investing mistakes are psychology, not math. These mental models help you see the biases and base rates that quietly cost you money.
Losses hurt about twice as much as gains feel good
Money already spent should never decide what you do next
You're only seeing the survivors
Regression to the mean: extreme results drift back toward average
Base-rate neglect: the vivid story makes you forget the odds
Rare, unpredictable events shape history most
Some things gain from disorder — that's antifragile
Second-order thinking: always ask 'and then what?'
The endowment effect: you overvalue what you already own
Wealth is what you don't see
The real cost of anything is what you give up for it
The overconfidence effect: we're far surer than we are right
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