People are generally motivated to evaluate themselves favorably in relation to others. this tendency is called a self-enhancing bias
Self-Enhancing Bias is a typical emotional bias in psychology. Self-enhancement, also known as the self-enhancing bias, is the propensity for people to take all the credit for their accomplishments while giving little to no credit to other people or outside forces.
These biases can cause investors to make poor choices and keep them from advancing their knowledge, abilities, and tactics over time. People could promote their great qualities while also drawing attention to the drawbacks of others. According to behavioral finance, this can have a negative effect on investors since they grow overconfident in their skills and deny the influence of timing or other factors.
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