The prerequisite of animal spirits to enable business risk-taking was first described in 'The General Theory of Employment Interest and Money', by John Maynard Keynes -

The considerations upon which expectations of prospective yields are based are partly existing facts which we can assume to be known more or less for certain, and partly future events which can only be forecasted with more less confidence.

The state of confidence, as they term it, is a matter to which practical men...

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'Why Smart People Make Big Money Mistakes and How to Correct Them', by Gary Belsky & Thomas Gilovich:

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