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Full free lecture on the Behavioral Biases of Individuals — CFA® Level 1 Behavioral Finance (Portfolio Management) for the 2026–2027 exams. The exam's favorite trick in this module: describing an investor and asking which bias is operating — and whether the adviser should CORRECT it (cognitive errors) or ADAPT to it (emotional biases). This lecture drills that distinction for all 15 biases. 📘 GET THE BATTLE-READY SUMMARY used on screen in this lecture (flowchart-style, exam-focused revision for every Level 1 reading): https://www.finquiz.com/cfa/level-1/summary/ In this lecture, a CFA charterholder covers the complete module: the five belief perseverance biases, the four processing errors, all six emotional biases (with the disposition effect and herding), and how these biases create momentum, bubbles, crashes, the value-vs-growth effect, and home bias. ▶ Next module — Introduction to Risk Management: https://www.youtube.com/watch?v=EiPDSsIgas4 ⏱ CHAPTERS 0:00 Intro — how investors actually behave 0:55 Traditional finance vs. behavioral finance 2:42 Why behavioral finance matters for CFA Level 1 4:50 Cognitive errors vs. emotional biases (correct vs. adapt) 10:31 Belief perseverance biases 11:53 Conservatism bias 13:01 Confirmation bias 16:13 Representativeness bias: base-rate & sample-size neglect 17:42 Illusion of control bias 18:55 Hindsight bias 20:55 Processing errors 21:57 Anchoring and adjustment bias 23:23 Mental accounting bias 26:01 Framing bias 27:49 Availability bias (4 sources) 31:53 Cognitive errors recap 33:46 Emotional biases 35:11 Loss aversion & the disposition effect 36:58 Overconfidence bias & self-attribution 39:09 Self-control bias & hyperbolic discounting 40:41 Status quo bias 41:39 Endowment bias 43:05 Regret aversion & herding behavior 44:23 Emotional biases recap 45:37 How biases move markets 46:24 Market anomalies 48:54 The momentum effect 52:25 Bubbles and crashes 58:03 Value vs. growth 1:01:29 Home bias 1:02:13 Key takeaways 📚 FREE CFA LEVEL 1 RESOURCES (no purchase required) ► Free full-length Level 1 mock exam — 180 questions in two 90-question sessions, free with any account: https://app.finquiz.com/signup ► 629 free Level 1 practice questions: https://www.finquiz.com/cfa/level-1/question-bank/ ► Complete free Level 1 video course: https://www.finquiz.com/cfa-level-1-full-course-playlist/ 🎯 MORE LEVEL 1 STUDY MATERIALS ► Stanley Notes (LOS-aligned): https://www.finquiz.com/cfa/level-1/notes/ ► Formula Sheet: https://www.finquiz.com/cfa/level-1/formula-sheet/ ► Six Mock Exams: https://www.finquiz.com/cfa/level-1/mock-exam/ Every FinQuiz product is prepared and reviewed by our full-time team of CFA® charterholders — people who passed the same three exams you're preparing for. 🔔 SUBSCRIBE for the rest of the free Level 1 course — we're covering every Learning Module: https://www.youtube.com/@finquizpro?sub_confirmation=1 FinQuiz has been helping candidates pass the CFA exams since 2008. CFA Institute does not endorse, promote or warrant the accuracy or quality of FinQuiz. CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute. #CFA #CFALevel1 #BehavioralFinance