Behavioral Factors in Private Wealth Management

Emily is a high-net-worth individual who has just received a significant inheritance and is considering how to allocate her wealth. As a client of a private wealth management firm, she is meeting with her advisor to discuss her investment options. Emily has a history of going against market trends, often buying high and selling low due to her emotional responses to market fluctuations. Her advisor suspects that she may be affected by behavioral biases that could influence her investment decisions.

Which of the following behavioral factors is most likely impacting Emily's investment strategy?