Many studies have been conducted regarding investor behavior. While common sense tells us to buy low and sell high, in practice few investors have the discipline and fortitude to execute that strategy profitably. Investors are subject to many cognitive and emotional biases that negatively impact their investment decision making. Many times, this manifests itself in buying recently appreciated securities and selling recently depressed securities. As returns revert to the average over time, the end result for many people is buying high, selling low, and a loss of long run returns. As advisors, our goal is to minimize bad decisions for each client.