**Test yourself…………….**

Each of four cards on a table has a letter on one side and a number on the other, but you can only see what is on the side facing up. What you see are two letters and two numbers:

**A 4 D 7**

Suppose the rule governing these cards is that i**f a card has a vowel on one side, it has an even number on the other side.** Which two cards would you turn over to find out whether the rule is true? Take no more than twenty seconds.

Now go to the real world: Can you name at least two psychological/analytical errors that you see in this clip.

https://youtu.be/Cxjdj5_5yNM Take no more than 4.5 minutes–length of the clip. The investment bankers each have MBAs, CFAs, Accountng degrees etc. They are SMART!

Total time for test 5 minutes.

**2016_templeton ** Hand-out to go with the above talk in 2016. A good discussion of the psychological strength needed to apply value investing principles.