Identifying Emotional Biases in Investment Decisions

John is a retail investor who has consistently allocated a significant portion of his portfolio to the stock of a technology company where he once worked. Despite recent negative media coverage regarding the company’s declining market share and allegations of financial mismanagement, John remains confident in his investment. He attributes the company’s difficulties to temporary setbacks, rather than a shift in the firm’s fundamental value. This behavior exemplifies certain emotional biases that may influence his investment decisions.

Which of the following emotional biases best explains John's investment behavior?