*1969, studied business administration, 20 years hospital management, currently studying psychology
My self-control when it comes to sweets has always been quite bad. Since buying my first Kitchen Safe that hasn't been a problem any more: I have a lockable metal case in my kitchen and its key is placed in the Kitchen Safe. Once a day I get access to the key (and thus to the case and therfore to the sweets).
He could be referring to:
De Long, J. B., Shleifer, A., Summers, L. H., & Waldmann, R. J. (1990). Noise trader risk in financial markets. Journal of political Economy, 98(4), 703-738. Retrieved from http://www.nccr-finrisk.uzh.ch/media/pdf/DeLongShleiferSummersWaldmann_JPE1990.pdf
From the abstract:
" The unpredictability of noise traders' beliefs creates a risk in the price of the asset that deters rational arbitrageurs from aggressively betting against them. As a result, prices can diverge significantly from fundamental values even in the absence of fundamental risk. Moreover, bearing a disproportionate amount of risk that they themselves create enables noise traders to earn a higher expected return than rational investors do."
(This paper has been quoted 6831 times according to Google Scholar).