Hi, very well written article, except that there is one concept that I disagree with:

"Behavioral Concept 3: Investor emotions are the most important determinant of long-horizon wealth in an investment portfolio."

should be written as...

"Behavioral Concept 3: Investor emotions are the most important determinant of SHORT-horizon wealth in an investment portfolio."

Emotions fluctuate over the short term but not long term. Over the long run, security prices track fundamentals. As Ben Graham once famously said “In the short run, the market is a voting machine but in the long run, it is a weighing machine.”