Charlie Munger as a master of "misjudgement, understanding how psychology affects investors, greatly influenced the operations of Birkshire Hathaway.

He believes that our brain takes shortcuts in analysis. We jump too quickly to conclusions. We are easily miscled and are prone to manipulation.

To compensate, Munger has developed a mental habit that has served him well. Personally I've gotten so that I use a kind of two track analysis," he said in a 1994 speech reprinted in Outstanding Investor Digest. "first, what are the factors that really govern the interests involved, rationally considered? And second, what are the subconcious influences where the brain at a subconscious level is automaticllly doing these things - which by and large are useful, but which often misfunction."

In summary, he benefits through the irrationality of other peoples thinking.I could go on, but the field of "behaviorial finance" has become the basis of texts and an accepted area of study in economics depts at major universities, including work done by Richard Thaler at the University of Chicago.

In essence if you sold SAN today as part of a long term investment strategy, IMHO, you've actively participated in the "psychology of misjudgement!" A common error in "human nature!"

RUF