However, he added, people who pick stocks in the stock market do not have it. “Because, the stock market is not sufficiently regular to support developing that

However, he added, people who pick stocks in the stock market do not have it. “Because, the stock market is not sufficiently regular to support developing that kind of expert intuition,” he explained. In the short term, definitely. In the long term, however, I disagree. Stock markets follow highly-regular multi-year cycles. The problem seems to be that people forget this during the peak or trough of the moment. Interestingly, this intersects with the third requirement: And the third condition is immediate feedback. Kahneman said that “you have to know almost immediately whether you got it right or got it wrong.” Given the long intervals over which stock market cycles operate, there's little chance to get immediate feedback. So according to this analysis, most stock pickers can't gain intuition - but not for the reason stated in the article. It takes someone with: (a) a really good memory; and (b) a very long time to play.