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The 'folklore' of finance

Some mistaken beliefs contribute to investors' failure.

SIDETRACKED: A study has found that overconfident investors are unable to focus on their stated long-term goals when distracted by short-term noise in the markets.

WHEN most people think of folklore, they think of ancient stories passed down through the ages. The tales may be instructive, amusing or both, but few take them as entirely true. Still, they represent an oral tradition that once helped people make sense of the world.

After a nearly two-...

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