Forces of arbitrage, which work well for high frequency events, work very poorly for low frequency events.

Investors undervalue equities when inflation is high and overvalue equities when inflation decreases.

People underweight long-term averages.

More people traded, the worse they did, on average.

Men tend to be more overconfident than women.

People invest way too much in the stock of the company that they work for.

Entrepreneurs are especially likely to be overconfident.