Whether you are an individual planning for retirement, a pension fund aiming to earn pre-defined returns for your members, a firm planning for a project or a family office with multi-generational aspirations, you must have a plan, says Hannes Viljoen.
Peter L Bernstein invites us to think about building wealth in a unique way.
In essence, Kahneman and Tversky propose that individuals are more influenced by the possibility of a loss than the prospect of an equivalent gain. The pair suggest that the prospect of a loss carries far greater weight than the prospect of a benefit of equal size. The paradox lies in the question: if investments need to be allocated where there is a probability of a loss and if I will experience that loss as more painful than an equal amount of gain, why should I risk it?
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