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ABranco comments on Fundamentally Flawed, or Fast and Frugal? - Less Wrong
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The "recognition heuristic" tends to work surprisingly well for stock picking, or so I've heard.
Find a bunch of "ordinary" people who have no special knowledge of stock picking, give them a list of companies, and ask them to say which ones they've heard of. Stocks of companies people have heard of tend to do better than stocks that people haven't heard of.
You're right. It works better if the group interviewed is composed of neither experts nor completely isolated news-averse schizoids.