Don't be a pigeon while investing: Stock market superstitions can be counterproductive, how to avoid them

If pigeons can develop superstitions in the face of random events, surely investors can do so too. In 1948, renowned behavioural scientist, B.F. Skinner, conducted a fascinating experiment with pigeons. Nearly 76 years later, it offers some insights into investor behaviour, at least to me. Instead of rewarding the birds for specific actions, Skinner randomly gave them food. The results were remarkable: six out of eight pigeons developed elaborate ‘superstitious’ behaviours, convinced that their  .. 

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