Identifying Behavioral Bias in Investment Decisions

Oliver is a private wealth manager with a diverse client base. He recently conducted a seminar on investment psychology focused on major behavioral biases affecting investment decisions. During the seminar, he highlighted the impact of overconfidence bias, where investors may believe they can outperform the market solely based on previous successful investments. After the session, a client approached him, expressing skepticism about modern portfolio theory, claiming that past performance was a reliable indicator of future success.

What type of behavioral bias is the client exhibiting?