A few weeks ago, I wrote herewithin about a natural phenomenon: When things go well, we tend to ascribe our success to our abilities—our disposition.  But when they go wrong, we tend to blame external factors—our situation. Finished.  Done.  Quick conclusion.  Move on. But wait a minute…could it be that that ‘quick conclusion’ was made at a time where we got tired of thinking? That type of quick conclusions means that not only are we unlikely to accurately assess our on-going level of ignorance, we are also unlikely to develop the appropriate methods to deals with it.  Hence, we’d never learn very much. So, if it’s luck rather than skill that accounted for the majority of investor gains during a strong uptrend, would we be prepared to deal skillfully with the inevitable decline? Hardly. Instead, many investors would be susceptible to a variety of self-deceptions. The most common of these is known as the Disposition Effect......