Det talas ofta om det värdefulla med äldre människor i olika sammanhang, inte minst därför att de har större erfarenhet. Men är äldre verkligen så bra? Den nya studien ”Do Older Investors Make Better Investment Decisions?”, publicerad i Review of Economics and Statistics, ger oss anledning att betvivla det, i alla fall när det gäller investeringar:

We find that older and experienced investors are more likely to follow rules of thumb that reflect greater investment knowledge. However, older investors are less effective in applying their investment knowledge and exhibit worse investment skill … Overall, the adverse effects of aging dominate the positive effects of experience. These results indicate that older investors’ portfolio decisions reflect greater knowledge about investing, but investment skill deteriorates with age due to the adverse effects of cognitive aging.

Jag fortsätter att hylla ungdomen!