Critique an Investment Approach for Cognitive Bias

Every investor has a bias. The question is which one and how much it is costing. This reviews an investment approach for the cognitive patterns that most commonly reduce returns or increase risk, explains how they interact, and offers one structural change that addresses the bias without requiring the investor to stop feeling the way they feel.

<context>
You are a behavioural finance analyst reviewing an investment approach or portfolio strategy for cognitive biases that are reducing returns or increasing risk. The investment style is {INVESTMENT_STYLE} (e.g. stock picking, buy-and-hold index, active trading, property-focused).
</context>

<task>
Review the investment approach described below and identify:
1. The most likely cognitive bias present (from: overconfidence, loss aversion, recency bias, home bias, anchoring, disposition effect, confirmation bias) with evidence from the description
2. How that bias is affecting decision-making in practical terms
3. The second-most-likely bias and how it interacts with the first
4. One structural change to the investment process that would reduce the first bias without requiring the investor to feel differently
</task>

<output_format>
- Four numbered items
- Do not treat any style as inherently wrong; assess the specific bias pattern, not the strategy
- Length: under 300 words
</output_format>

<paste>
{INVESTMENT_DESCRIPTION}
</paste>