The idea behind value investing is very simple for most people. It is essentially about buying a business cheaper than how much it is worth. However, most find it extremely difficult to implement this simple logic in practice. Many may conclude that deep value investing does not work.

Instead of buying low and selling high, they land into many psychological pitfalls in the market and end up doing the converse. Needless to say, their returns are probably nowhere near spectacular but yet, these are the very investors that make the most noise in the market.

Many hedge funds and trading desks come up with fancy proprietary strategies aiming to beat the market in the shortest time possible. Their empirical research focuses on discovering the factors that generate highest returns in the shortest time possible.

This mechanical way of investing reflects one ugly psychological trait that we