“Academic finance is devoted to finding the mathematically optimal investment strategies. My own theory is that, in the real world, people do not want the mathematically optimal strategy. They want the strategy that maximizes for how well they sleep at night.”

普通人根本不关心什么最优解，你这投资能不能不亏？或者最多亏多少？是大部分人最关心的。

“The reasonable investors who love their technically imperfect strategies have an edge, because they’re more likely to stick with those strategies.”

在衡量投资策略的时候，往往都忽略了这个投资策略是否能够长期坚持的角度。而且这个也是因人而异的。

“There’s a well-documented “home bias,” where people prefer to invest in companies from the country they live in while ignoring the other 95%+ of the planet. It’s not rational, until you consider that investing is effectively giving money to strangers. If familiarity helps you take the leap of faith required to remain backing those strangers, it’s reasonable.”

一个具体的案例，home bias虽然是一种偏见，但是合理的偏见，而且如果它能够克服让你推出市场的冲动，其实何尝不可接受这种偏见呢。

“Day trading and picking individual stocks is not rational for most investors—the odds are heavily against your success. But they’re both reasonable in small amounts if they scratch an itch hard enough to leave the rest of your more diversified investments alone. ”

另一个例子是说day trade和选个股是从道理上来说是不明智的。但只是花一小部分资金，满足你赌博的心理，那对于整体的投资组合来说又何尝不可。