Investor incompetence might play a larger role in poor performance than you think. That's thanks to a phenomenon called the Dunning-Kruger Effect. To explain, Barry welcomes David Dunning to the podcast. Dunning is a professor of psychology at the University of Michigan. Dunning’s research focuses on decision-making in various settings. In work on economic games, he explores how choices commonly presumed to be economic in nature actually hinge more on psychological factors, such as social norms and emotion.