05/19/2026
Most investors think their biggest risk is the market.
It's not. It's their own mind.
In Part I of the Enemy in the Mirror, I covered the emotional traps - loss aversion, panic selling, recency biases. The ones that feel like fear.
Part II is different.
These five are quieter. Cognitive, not emotional. And in my experience, harder to catch - because the feel like rational thinking.
Confirmation bias. Anchoring. The availability heuristic.
You're not being irrational. You're just being human. So am I.
The goal isn't to feel foolish. It's to name the pattern before it costs you.
Read part II here.
morganstanley.com