Chris Dillow 

The need for discipline

Chris Dillow

Chris Dillow

Investors need self-discipline. Some new research shows this. Charline Uhr at Frankfurt’s Goethe University and colleagues studied almost 20,000 German investors and found that smokers – a group of people who lack self-discipline – earn lower returns than non-smokers because they are more likely to make mistakes such as trading too much.

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