Emotional Biases in Investment Decision-Making

John is a seasoned investor who has accumulated a significant portfolio over the years, but he has recently become aware of his emotional biases affecting his investment decisions. In particular, he has exhibited overconfidence in his stock selection and a tendency to hold onto losing investments due to loss aversion.

As his financial advisor, you are tasked with discussing how John’s emotional biases may impact his investment strategy and performance. Additionally, recommend strategies to mitigate these biases and enhance his investment decision-making process.