Why Men Are Terrible Investors (And Lose 1% More Than Women Every Year)

Speaker 1 Here's the brutal truth in investing. Doing nothing is doing something.
Staying the course through market volatility is an active decision, even though it doesn't feel like one.

Speaker 1 Hello, friends.

Speaker 1 This is Tyler Gardner welcoming you to another episode of your Money Guide on the Side, where it is my job to simplify what seems complex, add nuance to what seems simple, and learn from and alongside some of the brightest minds in money, finance, and investing.

Speaker 1 So let's get started and get you one step closer to where you need to be.

Speaker 1 Welcome back to your Money Guide on the Side, the podcast where we try to make sense of your money without putting you to sleep in the process.

Speaker 1 Though I make no promises, and yes, last week I did get an email asking if my channel was actually an ASMR channel. If you don't know what that is, look it up.
It's kind of interesting.

Speaker 1 No, it's not, but thank you for the compliment.

Speaker 1 I'm genuinely delighted you're here for for another episode, which either means you found last week's discussion useful, or you've developed a concerning addiction to financial podcasts.

Speaker 1 Either way, I'll take it, and I love it.

Speaker 1 Before we dive in, as always, if this show has been helpful to you, if it saved you from a bad investment decision, or helped you understand something that previously made your eyes glaze over, or simply somewhat entertained you during your commute, it would be amazing if you considered leaving a review on Apple Podcasts or wherever you're listening.

Speaker 1 reviews help other people find the show, and frankly, they help me feel slightly less like I'm that kid from Wet Hot American Summer who's talking into a radio station microphone that's not ultimately connected to anything.

Speaker 1 Alright, today we're going to continue what we started last week, but this week we're rolling out the 2.0 version of behavioral biases that are costing you money and mental stability.

Speaker 1 If you didn't catch last week's episode, you can either go back and listen to it first, or listen to them in in either order.

Speaker 1 They stand alone, but also complement one another and are meant to build on one another to offer you a complete theoretical understanding and practical approach to thinking through these behavioral biases and how such behaviors impact us as investors and more importantly, as people trying to make each day just a bit easier on ourselves.

Speaker 1 So here is part two in our series of behavioral biases that are killing your portfolio returns.

Speaker 1 And last note, before we get started, if you want a brief history of what we'll be talking about today, some of the names and academic jargon and reasoning behind how we've come to think about these things, you can go back and listen to part one from last week as it's all there in all of its glory.

Speaker 1 This week, we're cutting right to the good stuff.

Speaker 1 Last week, we hit on some of the greatest hits of behavioral biases. Confirmation bias, overconfidence, recency bias, loss aversion, and endowment bias.

Speaker 1 These are the beetles and the rolling stones of behavioral economics. Most people know about them, even if you can't name them.

Speaker 1 They're discussed endlessly, and they absolutely deserve their fame and attention.

Speaker 1 But today, I want to introduce you to five behavioral biases that don't get as much airtime, but are quietly devastating your portfolio day after month after year.

Speaker 1 Think of these as even deeper cuts, the album tracks that true fans absolutely appreciate. Bias number one, the disposition effect, or why we love our losers and abandon our winners.

Speaker 1 The disposition effect is the tendency to sell investments that have gone up in value while holding on to investments that have declined.

Speaker 1 On one hand, you might be saying, but wait, this is a good thing. Don't we want to buy low and sell high? Sure, but this is where the nuance comes in.

Speaker 1 With the disposition effect, what we're doing is taking our profits too early and holding our losses too long.

Speaker 1 It's like leaving a great party early because you're having fun, but staying at a terrible party until 3 a.m.

Speaker 1 because you already paid for parking and you think that it's just a matter of a few more minutes or late-night beverages until the real fun is bound to begin.

Speaker 1 This was first documented by economists Hirsch Scheffrin and Meyer Statman in 1985 and subsequently confirmed by studies of actual trading behavior.

Speaker 1 One famous study by Terrence O'Dean analyzed over 10,000 brokerage accounts and found that investors were about 50%

Speaker 1 more likely to sell a winning investment than a losing one. But here's where it gets interesting.
The stocks investors sold then outperformed the stocks they continued to hold by about 3.4%

Speaker 1 over the following year. Let that one sink in.
We actively, reliably choose the worst option. But why?

Speaker 1 The answer lies in how we experience gains and losses. Selling a winner feels good, and it feels like you're doing what the textbooks have told you to do.

Speaker 1 It's a realized gain, a victory you can point to. Look at me, your brain says, I'm Warren Buffett's younger, more attractive sibling.

Speaker 1 Selling a loser, meanwhile, means admitting you might have been wrong. It transforms a paper loss into a real one, and our brains hate that.

Speaker 1 So we hold, hoping it'll come back, engaging in what I call denial-based portfolio management. The disposition effect is particularly insidious because it feels prudent.

Speaker 1 I'm taking profits, sounds responsible. I'm being patient with underperformers.
Sounds wise.

Speaker 1 But you're actually doing the exact opposite of the investing wisdom, cut your losses and let your winners run.

Speaker 1 You're cutting your winners and letting your losses run, which is rather like watering your weeds and trimming your flowers. Here's how to fight it.
Implement rules-based rebalancing.

Speaker 1 Decide in advance when you're calm, rational, and not staring at a red portfolio that you're going to rebalance back to your target allocation once or maybe twice a year.

Speaker 1 Also, as we noted noted last time, stop checking your portfolio daily. I know, I know, it's right there on your phone taunting you.

Speaker 1 But the more often you look, the more likely you are to see short-term losses, which triggers this disposition effect. Ignorance, in this case, isn't bliss.
It's a systematic advantage.

Speaker 1 I want to do something in today's episode that I don't usually do, which is give blanket financial advice. I don't know your situation.
I don't know your goals.

Speaker 1 I don't know if you're the kind of person who keeps meticulous records or just throws receipts in a drawer and prays they'll organize themselves. But here's what I do know.

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Speaker 1 Bias number two,

Speaker 1 the ostrich effect, when ignorance is actually portfolio mismanagement.

Speaker 1 I know, I'm actually now going to flip bias number one right on its head and as always, try to add as much nuance as possible and depth of understanding of all of these behaviors.

Speaker 1 But speaking of ignorance, we need to address what's called the ostrich effect, the tendency to avoid information just because it might make us uncomfortable and therefore will hurt our overall financial plan.

Speaker 1 The name comes from the myth, and it is a myth, that ostriches bury their heads in the sand when frightened, which they don't actually do because they're not completely ridiculous.

Speaker 1 We humans, however, absolutely do sometimes bury our heads in the sand and do the human equivalent because sometimes we are completely ridiculous.

Speaker 1 Research by Nicholas Carlson, George Lowenstein, and Dwayne Seppi found that investors check their portfolios much more frequently during bull markets than bear markets.

Speaker 1 One study showed that online account logins dropped by over 10% following market declines. It's like refusing to step on a scale after the holidays.

Speaker 1 The weight gain doesn't care whether you acknowledge it or not. The ostrich effect manifests in several ways.
Maybe you don't open your quarterly statements during market downturns.

Speaker 1 Perhaps you've forgotten about that old 401k from a previous employer.

Speaker 1 Or maybe you've been meaning to update your beneficiaries for three years, but haven't gotten around to it because thinking about death is unpleasant, and you're very busy being immortal.

Speaker 1 But here's the problem. When you avoid looking at your portfolio during the uncomfortable times, aka the downturns, You might miss rebalancing opportunities.

Speaker 1 You might miss tax loss harvesting opportunities where you could sell some of those losers and offset eventual gains.

Speaker 1 You might miss seeing that you're not actually well diversified and that your portfolio has been concentrated in areas that are getting hammered.

Speaker 1 It's like refusing to go to the doctor because you're afraid of what they might find. The problem doesn't disappear.

Speaker 1 It just gets worse while you're not looking or trying to figure out an appropriate remedy. Yes, this is counter to what I suggest and textbook suggests in much content.
Set it and forget it.

Speaker 1 And I'm not encouraging any of us to look at our portfolios for the sake of looking at them and feeling anxious about them. I do want you to set it and forget it.

Speaker 1 But when and if, well, mostly just when, markets tank, sometimes we do need to just make sure that we aren't way out of whack with our long-term goals and missing an opportunity to adjust based on new information that has presented itself.

Speaker 1 Personally, I don't ever need to rebalance because I just buy low-cost diversified funds and I call it a day. Market up, I don't care.
Market down, I don't care. I know I'm doing fine.

Speaker 1 New info, I also don't care. But if you hold a ton of individual stocks or holdings, this is more directly speaking to you.
The solution to this requires building what I call emotional infrastructure.

Speaker 1 Set up automatic contributions and rebalancing so the right things happen regardless of your emotional state. Schedule a specific time twice a year.
Maybe it's on your birthday.

Speaker 1 Maybe it's then and six months later to review your portfolio. Not daily, not when the market's crashing and CNBC is using apocalyptic fonts.
We'll be too emotional then.

Speaker 1 Twice a year, scheduled, boring, methodical, and if you truly can't handle looking during downturns, hire a financial advisor or use a robo-advisor and let them be the adult while you hide under the covers.

Speaker 1 No judgment, we all have our limitations.

Speaker 1 Bias number three,

Speaker 1 mental accounting, the imaginary buckets that are destroying our real returns.

Speaker 1 Mental accounting is the tendency to treat money differently based on where it came from or what we intend to use it for, even though money is fungible, which is an economics word meaning one dollar is the same as any other dollar.

Speaker 1 Not, as I originally thought, a type of mushroom. Richard Thaler illustrated this beautifully with various examples.

Speaker 1 There are people who won't pay $20 for a movie ticket because they lost a $20 bill that morning, but those same people would happily pay $20 for a ticket if they lost the ticket itself earlier.

Speaker 1 also paying $40 total for the movie. The money is treated differently based on which mental account we've assigned it to.
In investing, mental accounting shows up in fascinating and destructive ways.

Speaker 1 You might have a safe money market earning 3 or 4%,

Speaker 1 while simultaneously carrying credit card debt at 18 or 19%.

Speaker 1 Economically, this is what we call lunacy. You're losing 15% on the spread.
But not only do many of us do it, but many so-called financial guru self-declared experts promote it.

Speaker 1 Once again, let me be clear, this is lunacy, but I also get the psychology behind it. They're operating in different mental accounts.

Speaker 1 One is emergency savings, which feels responsible, and the other is debt, which feels shameful and separate.

Speaker 1 Or, let's consider the investor who receives a $5,000 bonus and immediately invests it in a speculative cryptocurrency because it's found money and therefore okay to risk while keeping their paycheck in ultra-conservative investments.

Speaker 1 The $5,000 is exactly the same spend regardless of how you earned it, whether it was through salary or whether you received it as a bonus. But we tend to treat them differently.

Speaker 1 One of my favorite examples, maybe because I'm highly guilty of this one, is the house money effect, documented in casinos, but equally applicable to investing.

Speaker 1 After a win, people become more willing to take risks with their winnings, treating them as somehow separate from their original stake.

Speaker 1 You'll see investors who made money on one stock take wild risks with the gains, risks they'd never take with their real money.

Speaker 1 But here's the thing: the moment you made that gain, it became real money. It became your money.
Your portfolio doesn't care about the narrative you've constructed. It only cares about total returns.

Speaker 1 And surprise, guess how frequently we hold on to house money. Yeah, you know where I'm going with this.
So the fix, start thinking in terms of your entire financial picture, not separate accounts.

Speaker 1 You have one net worth, one overall portfolio, one overall plan, not multiple siloed pots of money with different rules attached to each one. Consider your portfolio as a single integrated whole.

Speaker 1 If you have high interest debt, you don't have a saving problem. You have a debt problem, and paying down that debt is often your best risk-free investment.

Speaker 1 And stop treating investment gains as somehow different from your principal. Every dollar in your portfolio is working for your future.
None of them are playing with the house's money.

Speaker 1 And speaking of gamblers, bias number four,

Speaker 1 the gambler's fallacy. Past independence doesn't care about your feelings.

Speaker 1 I need to talk to you today about something that most of you are putting off. Term life insurance.
And I'll make this as simple as possible.

Speaker 1 If someone depends on your income and you don't have it yet, this isn't just another nice-to-have financial product. This is step three in my financial order of operations for a reason.

Speaker 1 Before the emergency fund, before maxing out your Roth IRA. Because if something happens to you, term life insurance is the emergency fund for the people you leave behind.

Speaker 1 Most people skip this because shopping for insurance sounds about as fun as getting a root canal while filing your taxes. I get it.
But here's where Fabric by Gerber Life makes this ridiculously easy.

Speaker 1 You can get term life insurance from your couch in about 10 minutes.

Speaker 1 Seriously, you could knock this out during one episode of whatever show you're binging right now, and then you're covered, done, back back to your show. And here's what I suggest.

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Speaker 1 And even if you already have some coverage through work, do yourself a favor and actually check how much you have, because many people have no idea and they end up shockingly underinsured.

Speaker 1 Plus, if you leave that job, that coverage can disappear.

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Speaker 1 The gambler's fallacy is the mistaken belief that past events affect the probability of independent future events.

Speaker 1 It's thinking that because a coin has landed on heads five times in a row, it's due to land on tails next, when in reality the coin has no memory and each flip has exactly a 50-50 chance regardless of what came before.

Speaker 1 This shows up in investing in some truly remarkable ways. After a stock has gone up several days in a row, investors believe it's due for a correction and sell.

Speaker 1 After a market downturn, investors think it can't get lower. and buy only to discover that, yeah, actually it can absolutely go lower.
Markets have a terrific imagination when it comes to declining.

Speaker 1 Or the investor, like many of you who write to me daily, who continues to sit on the sidelines, well, the market's been roaring over the past few years because it's due for a correction. Yeah, it is.

Speaker 1 And it always will be. But you've been missing the gains that more than would have offset these corrections for two years based on this gambler's fallacy.

Speaker 1 I assure you, the market can keep roaring for another five to ten years, and it could equally quickly come crashing down tomorrow. But you don't know, and I don't know, so I invest.

Speaker 1 One study found that after mutual funds experience good performance, investors flood in with new money, expecting the good times to keep on rolling.

Speaker 1 After poor performance, you guessed it, investors flee, expecting more of the same.

Speaker 1 This is essentially the gambler's fallacy in reverse, assuming the trends will continue when they're just as likely to reverse. The market, inconveniently, doesn't work on a schedule.

Speaker 1 It doesn't think, well, we've had three down years, we really owe investors an up year.

Speaker 1 The SP 500 has had back-to-back down years only a handful of times in its history, but it's also had four, five, even six consecutive up years in a row.

Speaker 1 There's no cosmic balance sheet being reconciled. This bias causes investors to do spectacularly poorly timed things.
They sell after losses, certain that more losses are coming.

Speaker 1 They buy after gains, convinced the momentum will continue.

Speaker 1 And both decisions are driven by the pattern-seeking machinery in our brains that seeks connections that just don't exist, like seeing the Virgin Mary in a piece of toast, which, by the way, was sold on eBay for $28,000, mental accounting at its finest.

Speaker 1 The antidote. Embrace the chaos.
Embrace the randomness.

Speaker 1 Understand that short-term market movements are largely unpredictable, and everyone who tells you why the market went up or down on any given day has zero idea what they're talking about.

Speaker 1 They just need something to talk about to continue to be on the air 24-7. But that's okay, because you're not investing for the short term anyway.
Stop trying to divine patterns in noise.

Speaker 1 Market history is useful for understanding long-term trends and behavior, but nearly useless for predicting next week. So if you find yourself saying, we're due for a blank,

Speaker 1 stop. Markets are never due for anything.
They simply are. And those who are in markets will almost always beat those who aren't.
Speaking of which, bias number five, the action bias.

Speaker 1 When doing nothing feels like you're somehow doing something wrong.

Speaker 1 The action bias is our tendency to favor action over inaction just for the sake of it, even when inaction would probably produce superior results.

Speaker 1 It's the reason soccer goalies dive left or right on penalty kicks, even though statistics show they'd have better success staying in the center.

Speaker 1 Standing still feels passive and wrong, even when it's the statistically optimal strategy. In investing, the action bias is absolutely devastating.

Speaker 1 The more frequently investors trade, the worse they perform. This has been documented so thoroughly that it's basically investing law at this point.

Speaker 1 And we've been over it a number of times on past episodes.

Speaker 1 Even as I mentioned last week, a famous study by Brad Barber and Terrence O'Dean found that the most active traders underperformed the market by 6.5% annually, while the least active traders nearly matched market returns.

Speaker 1 The difference? The active traders were doing something.

Speaker 1 The inactive traders were, well, apparently, napping or pursuing healthy hobbies. Whatever they were doing, it worked.

Speaker 1 Note, please know this is one of the primary reasons I hate the idea of your paying someone for truly active portfolio management.

Speaker 1 If I were going to pay an advisor, I would want them putting me in largely passive, low-cost funds. Sure, I could do that myself.

Speaker 1 But But the alternative to pay someone to feel pressured to tinker with your portfolio daily is, and there's no other word for it, disastrous.

Speaker 1 Active portfolio management is the silliest thing any of us can do with our portfolios.

Speaker 1 And the only people telling you otherwise are the ones trying to sell you their services, usually for a percentage of your assets, so they can trade in and out and in and out. Guess what?

Speaker 1 They're humans too, and nobody talks about this. And they are just as susceptible to action bias as anybody else, usually even more so because they're getting paid to do something.

Speaker 1 The action bias explains why many of us constantly tinker with our portfolios. We read an article about emerging markets and decide we need to add exposure for 2026.

Speaker 1 We hear about a hot stock and make a trade.

Speaker 1 We rebalance monthly instead of annually because it feels more, I don't know, responsible, active, financially sophisticated, when in reality we're just generating trading costs and taxes while statistically decreasing our returns.

Speaker 1 Here's the brutal truth in investing, and we've been over this. Doing nothing is doing something.

Speaker 1 Staying the course through market volatility is an active decision, even though it doesn't feel like one. Not selling during a downturn requires tremendous discipline.

Speaker 1 Maintaining your allocation without constantly tweaking it is actually the harder path, psychologically, if not practically.

Speaker 1 But most of the financial industry, bless their commission-loving hearts, has made this so much worse and harder for you because they've convinced us that investing requires constant vigilance, daily attention, and frequent action.

Speaker 1 I used to have clients literally say to me that they felt better that I was watching the markets daily for them. Huh? What?

Speaker 1 If someone is watching the markets daily, whatever that means, I don't know which markets, and moving your portfolio around daily in response to said market movements, get out now.

Speaker 1 Run for the hills and bring sandwiches. Financial news treats every 1%

Speaker 1 move as a catastrophe or celebration requiring some immediate response. But this is all theater.

Speaker 1 It is all performative. Kramer is an entertainer.
CNBC is entertainment. And it's unfortunately designed to make you trade more, which benefits all of said entertainers, not you.

Speaker 1 Fighting the action bias requires reframing inaction as strategy. Warren Buffett has said his favorite holding period is forever.
He's not joking.

Speaker 1 He also gives a great example when talking to younger groups of students about if they could only buy one car for the rest of their lives, how would they treat that car?

Speaker 1 Or if they could only buy 20 investments for the rest of their lives, what would they buy? In both examples, the idea is beyond wise and beyond simple.

Speaker 1 Why would you buy something for today if you're not convinced it would be right for you tomorrow?

Speaker 1 And if you do buy something today, hopefully you'll take good care of it and be super thoughtful about it.

Speaker 1 Buffett's success comes not from constantly trading, but from finding great investments and then doing the hardest thing in investing. Nothing.

Speaker 1 Jack Bogle, founder of Vanguard and patron saint of index investing, advocated for buying a diversified portfolio and then essentially ignoring it for decades.

Speaker 1 His advice was so boring, it worked and works. brilliantly.

Speaker 1 And as I noted last week, women, on average, are better investors than men when it comes to total returns because they tend to check portfolios less frequently.

Speaker 1 They only invest in what they understand and only tend to invest once they believe something is right for the long haul. Whereas many men just want to invest to prove that they have something long.

Speaker 1 Sorry, I couldn't help myself with that one. And genuine apologies if you now have to explain to your child listening in the car what the guy on the podcast meant by that last one.

Speaker 1 Practically speaking, the fix is as obvious as you know it's about to be. Set up your asset allocation really well the first time.
You don't need to rush in and out of any investments.

Speaker 1 Then contribute regularly. Rebalance once or twice a year.
And then go live your life.

Speaker 1 Read books, learn to cook, take up pottery, do literally anything other than fiddle with the portfolio. And if you feel the urge to trade, make it a rule that you've got to wait 48 hours.

Speaker 1 If you still want to make the trade after two days, fine. But you'll find that most trading urges pass if you just wait them out, like that craving for the gas station sushi.

Speaker 1 And as is true with the sushi, waiting until the urge passes will usually be the better bet.

Speaker 1 So, there you have it. That's your 2.0 version of behavioral biases, quietly sabotaging your returns.
The disposition effect, making you cut winners and water losers.

Speaker 1 The ostrich effect, causing you to avoid reality at precisely the wrong time, mental accounting, creating imaginary boundaries in your fungible wealth, the gambler's fallacy, tricking you into seeing patterns in randomness, and the action bias, convincing you that doing something, anything, is better than doing the right thing, which is often nothing.

Speaker 1 The common thread through all of these, they all feel right in the moment. That's what makes them so dangerous.
Holding a losing investment feels more comfortable than selling it at a loss.

Speaker 1 Avoiding your portfolio during a downturn feels like self-care. Creating mental buckets feels organized and responsible.
Seeing patterns feels insightful. And taking action feels productive.

Speaker 1 But feelings and optimal financial outcomes are often inversely correlated.

Speaker 1 The decisions that feel worst selling winners, examining losses, treating all money the same, embracing randomness, doing nothing are frequently the ones that produce the best long-term results.

Speaker 1 Here's my challenge to you. Pick one of these biases and commit to fighting it.
Set up automatic rebalancing to combat the disposition effect.

Speaker 1 Schedule two annual portfolio reviews to fight the ostrich effect. Consolidate your mental accounts and look at your total financial picture.

Speaker 1 Stop trying to predict market movements based on recent patterns that aren't there. Or simply, do less.
I love this advice.

Speaker 1 Commit to making no unscheduled trades for six months and just see what happens. I guarantee you'll feel weird about it.

Speaker 1 You'll feel like you're not doing enough, not being active enough, not being a real investor. Good.
That discomfort means you're on the right track. Successful investing is supposed to be boring.

Speaker 1 If it's exciting, you're probably doing it wrong.

Speaker 1 As always, thank you for listening.

Speaker 1 And if you found this episode helpful, that review on Apple Podcasts or your podcast platform of choice would genuinely mean the world to me and help others find the show.

Speaker 1 And to the 1300 or so folks who have already left reviews, you're awesome, truly. And I appreciate your support more than you will ever know.

Speaker 1 Until next time, remember, the best investors aren't the smartest. They're the ones who do the least amount of dumb stuff.
And now you know what five of those dumb things look like.

Speaker 1 Take care, stay irrational, and as always, hope this gives you something to think about during the week ahead.

Speaker 1 Thanks for tuning in to your Money Guide on the Side. If you enjoyed today's episode, be sure to visit my website at tylergardner.com for even more helpful resources and insights.

Speaker 1 And if you are interested in receiving some quick and actionable guidance each week, don't forget to sign up for my weekly newsletter where each Sunday I share three actionable financial ideas to help you take control of your money and investments.

Speaker 1 You can find the sign up link on my website, tylergardner.com or on any of my socials at SocialCapOfficial.

Speaker 1 Until next time, I'm Tyler Gardner, your money guide on the side, and I truly hope this episode got you one step closer to where you need to be.