Have you ever felt like you are your own worst enemy when it comes to investing? If so, you’re not alone. In fact, it’s a foundational truth of behavioral finance, the psychological study of financial decision-making. When it comes to investing, humans routinely make mistakes due to mental shortcuts and emotional biases.

To better understand the role of emotions in investing, we talked with Morgan Housel, a partner at the Collaborative Fund, former columnist at The Wall Street Journal and analyst at The Motley Fool, about the implications of behavioral finance.