“ The automatic mind creates causal stories out of dubious raw material. When Kahneman studied the records of managers at one investment firm, over 25 years, he

“ The automatic mind creates causal stories out of dubious raw material. When Kahneman studied the records of managers at one investment firm, over 25 years, he found there was zero link between managers earning an above-market return one year and repeating that kind of performance the next — although, of course, pay was pegged to annual returns and managers with good years were richly rewarded. Unsurprisingly, the firm’s executives refused to believe that variation in performance was random. “I’ve done very well for the firm and no one can take that away from me,” one told Kahneman. “I took it away from you this morning,” Kahneman recalls thinking.” https://www.washingtonpost.com/entertainment/books/thinking-fast-and-slow-by-daniel-kahneman/2011/12/08/gIQAmyh4yO_story.html https://www.washingtonpost.com/entertainment/books/thinking-...