[MUSIC] Let us briefly review what we've learned from this. Along the three stages of the investment process you'll be confronted with decision, and in making this decision, you might be affected by some cognitive biases that we've just defined. In the first stage when you defined your asset universe, we encourage you to get out of your comfort zone to look for information that's not necessarily readily available. Avoid the availability bias. In the second stage, when processing this information and forecasting future return or level of risk. We encourage you to look for information that may contradict your current forecast, contradicts your current belief, rather than looking for information that would confirm it. For the last stage, rebalancing and readjusting, you should really stick to the plan. Think about your initial strategy, what it implies, and what type of sell and buy order you really need to place. >> Once you've put together your portfolio, you typically keep track of everything you bought and everything you sold, but if you think back to the decision process being described earlier, that might not be enough. The decision process starts with information gathering. It then is followed by information processing, and then you take an actual decision. So it's important to know how we actually arrived at the decision, so we advise you to keep a log of not just your transactions, but also of the information that led to the transactions. So keep track of which stocks you chose to buy and to sell and why you chose to buy and to sell them. What was the information that was available to you at the time? How did you evaluate it and why did you make this particular choice? The same goes for stocks that you evaluated but eventually decided not to buy or not to sell. This will allow you to go back later on and evaluate your decisions and avoid things like hindsight bias, for instance. Like this, you will become aware of your own cognitive biases and hopefully you will become a more rational decision maker. >> That's absolutely true, but, as we've seen in the first experiments, being perfectly rational does not necessarily guarantee that you'll end up winning the game. Now, we're perfectly aware that investing your wealth is not a game, but you want to want to maximize the return of your investment strategy. Being perfectly rational is not necessarily a guarantee that this will occur. But despite what you might hear, read, or hear during a conversation at a party, the stock market is actually very much connected to the fundamentals of the economy, to the real side of the economy. And in the long run It's generally going to reflect the actual performance, productivity of the economy. Being rational might actually help you follow this path and follow the fundamental underlying evaluation of these securities. [MUSIC]