Guy Spier on why it may not be best to publicly discuss current ideas...
Money and Finance

Guy Spier on why it may not be best to publicly discuss current ideas...


From Guy's 2013 Annual Letter:
In recent years, I’ve found that it works better not to talk publicly about current holdings in the fund. This is not a matter of guarding our secrets to prevent other investors from stealing them. The real issue is that, once a person has made a public statement, it’s psychologically difficult for them to back away from it — even if they’ve realized that their stated opinion was wrong. In his seminal book The Psychology of Influence, Robert Cialdini called this the “commitment and consistency principle.”
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Related book: Influence

Related previous post: The mistake of consistency





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