Behavioral biases are very important to be properly understood by portfolio managers, analysts, traders and all types of investors. In fact, almost everyone who looks at the 'market as a guide' tend to be influenced by their emotions rather than by logic. Apart from overconfidence and consensus comfort, there are various other biases such as loss aversion, falling to a nice story (what most sell-side analysts or marketing pitches do in their reports) which are very nicely written by James Mortimer in his book " The little book of behavioural investing" which I found it to be fantastic.
Behavioral biases are very important to be properly understood by portfolio managers, analysts, traders and all types of investors. In fact, almost everyone who looks at the 'market as a guide' tend to be influenced by their emotions rather than by logic. Apart from overconfidence and consensus comfort, there are various other biases such as loss aversion, falling to a nice story (what most sell-side analysts or marketing pitches do in their reports) which are very nicely written by James Mortimer in his book " The little book of behavioural investing" which I found it to be fantastic.