I love this line from Professor Howard: "this professional decision is as emotionally driven as those of the typical error prone investor!" Supports my contention that the behaviorists should devote some time to studying behavior of investment professors.

But there is alarming stuff here. Has Professor Howard been deceived by professors' deceptive labels to over the long term actually expect what they mislabel the"expected" result, and to think that over the longer term effects of what they mislabel "volatility" shrink and disappear?

Please tell him that thanks to what professors mislabel "volatility," for any multi-year period the result will probably be below what they mislabel "expected," and the longer an investment is held the greater the result uncertainty and the further below "expected" the result will probably be.

No doubt there's potential for incorporating something about behavior of investors. But please! Behaviorists, study investment professors!