Phoenix (Jan. 9, 2003) -- Common "mental accounting" mistakes lead investors to make poor decisions that cost them big bucks, a proponent of passive investing told attendees here at the American Institute of CPAs Personal Financial Planning Technical conference.

The majority of investors are overconfident in their stock-picking skills, and end up making risky investments and failing to diversify, Larry Swedroe, Director of Research for BAM Advisor Services told CPA planners in a session titled "Rational Investing in Irrational Times."

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