Facts and opinion

The Moynihan Principle -The late senator from New York once said that everyone is entitled to his own opinion, but not to his own facts.

One of the key messages which we have learned from behavioral finance is that there is disagreement on the perception of what could be considered facts. As important as the disagreement on facts is the linkage between a given fact and what it may mean about the future. The facts are often not in dispute, it is their meaning which is the problem.