Humans experience risk as feelings not probabilities. Nobody will really worry about AI wiping out humanity until it does something bad that impacts a lot of people.

Given how central US Treasuries are to most diversified portfolios and the functioning of the financial system, investors should be careful about throwing around terms like 'fiscal crisis' or 'unsustaiable debt levels'. Language matters.

A greater awareness of the behavioural biases exhibited by investors hasn't reduced their impact; it has led to lots of investment industry innovation designed to exploit them.

Equities being expensive is not necessarily a reason to own less of them.

When England scored against Argentina they quickly became loss averse. They stopped trying to win and instead tried to cling to what they had in the most basic way imaginable. And the coach made this worse.

If you take all of the hearts from a pack of 52 playing cards and deal them out, there are over 6 billion different orders in which the 13 cards can be drawn. Even simple, stable systems become impossible to predict once you include a few steps. Now try financial markets.

In a world of frictionless trading and incessant newsflow, "doing nothing" is often a great investment strategy. No approach, however, really represents "doing nothing", there are always decisions to be made.

The damage done to investment writing by AI generated content is far worse than its incessant and tedious 'its not just X, it's Y' framing. Its widespread use kills the very human benefits of writing and reading.

When markets feel particularly challenging investors often feel the urge to engage in activities with a very low chance of success - such as trying to time markets. This is a very human response to uncertainty and also a very costly one.

We should expect a lower financial return from assets that make us feel good when we own them.