Short version: Quantitative analysis, which limits impact of behavioral finance's impact, is catching on and indexing seems to be better way to go than stock picking (nothing new with that!)
"Behavioral Finance, the new science of irrationality, [is] also known as behavioral economics, quant-trading, neuro-investing, etc.later:
"Behavioral finance is going through a major transition that will impact the future of investing worldwide. The old behavioral finance has been around for several decades, dominated by psychologists studying irrational human behavior. Recently a newer, more secretive and potentially dangerous version has emerged. Psychologists are being sidelined by mathematicians speaking a language as foreign to Main Street investors as ancient Mayan without subtitles."and later:
" What can you do? Very simple: Since you can't beat them, don't play their game by their rules. Build a lazy portfolio. Then leave it alone. Let it do its job automatically. Build wealth doing something you love in a business or profession you enjoy, and spend as much time as you can with family and friends."In fact, even if you might be able to beat them" this is good advice!