The Biggest Investing Errors Come From Psychology

You're leaning a little more defensive than you typically will. You mentioned in passing psychology here's another quote of yours I want to throw out related to that. The biggest investing errors come not from factors that are informational or analytical but from those that are psychological just about every investor has access to the exact same information these days. And if those things are true, that's the source of my caution today. We're fully invested but in cautious holdings.