Yesterday, at an offline event in Shanghai, I asked the audience how many of them trade A-shares. Only two or three people raised their hands. Then I asked how many trade U.S. stocks. Over a dozen people raised their hands. As for Hong Kong stocks—only two or three people again.

This really surprised me.
But none of them noticed that this year, China’s STAR Market has outperformed the Nasdaq.
So: people’s biases and perceptions heavily influence their decisions, and historical experience alone is not sufficient to form a rational, sound judgment.