Anchoring

Anchoring — the bias of latching onto an arbitrary reference number and measuring everything against it. The portfolio version: the ₱3.2M March peak was one afternoon’s market-clearing price, never money you had — but the brain files it as yours, and every decision becomes about getting back to it: refusing to rebalance “until it recovers,” holding a broken thesis “just to breakeven,” doubling the speculative sleeve to catch up. The counter is the dashboard discipline: the real numbers are net yield, drift, and progress against the hurdles — not the high-water mark.

First used in: 2.8 · Behavior under fire