Confidence

“How could I be such an idiot?” That question began Jason Zweig’s fascinating book, Your Money and Your Brain. It’s for investors, and poker is a form of investing. That question was also the title of this series’ first column. This book proves that our brains make us think we are much smarter and in greater control than we really are. Let’s discuss its “Confidence” chapter. Confidence Is Essential. Without it you’d be indecisive, and indecisive people can’t be good investors or poker players. Zweig nearly ignores that obvious fact. His chapter should have been titled, “Over-confidence,” because it focuses on the causes and effects of over-confidence: “The road to investing hell is paved with overconfidence.” The same pavement leads to poker hell. Over-Confidence Is Everywhere Fifty drivers over-rated their skill during their most recent drive. “Just under two-thirds of the drivers said they were at least as competent as ...

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