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Warren Buffett, perhaps the wisest investor in America, may be (suitably) less prone to the FAE. The “Oracle of Omaha” sagely noted that “when a manager with a reputation for brilliance tackles a business with a reputation for poor fundamental economics, it is the reputation of the business that remains intact.
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Thomas Gilovich (The Wisest One in the Room: How You Can Benefit from Social Psychology's Most Powerful Insights)