Loss Aversion in High-Net-Worth Investment Decisions

John is a high-net-worth individual with a diverse investment portfolio. Recently, he has been feeling particularly anxious about market volatility due to some negative media coverage about an impending recession. Despite his financial advisor recommending a long-term investment strategy that emphasizes equity exposure, John insists on shifting a significant portion of his assets into cash. His behavioral tendencies seem to be influencing this decision.

Which of the following behavioral factors primarily explains John’s inclination to move to a more conservative investment position in response to market fears?