The efficient market hypothesis contends that it is not possible to consistent beat the market on a risk-adjusted basis, as overall people are rational and all of the information available is already priced in the investment values.

On the flip side, the field of behavioral finance contends that humans are inherently irrational, and we, well, do stupid things. Here's a list of such stupid things. I don't know about you, but I think some of them definitely apply to me.

[ and the at MyMoneyBlog]