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CFA Level 3
Portfolio Management and Wealth Planning

Behavioral Bias in Investment Decisions

Easy Private Wealth Management Behavioral Factors

Maria is a private wealth manager working with a diverse range of clients. One of her clients, Tom, often expresses fear of losing money in the stock market, leading him to avoid equity investments altogether. Maria recognizes that Tom's behavior may be influenced by a specific behavioral bias. Which of the following biases is Tom most likely exhibiting?

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