William Bernstein-The Delusion of Crowds
“ People do not deploy the powerful human intellect to dispassionately analyze the world, but rather to rationalize how the facts conform to their emotionally derived preconceptions. Over the past several decades, psychologists have accumulated experimental data that dissect the human preference of rationalization over rationality. When presented with facts and data that contradict our deeply held beliefs, we generally do not reconsider and alter those beliefs appropriately. [Instead] we avoid contrary facts and data, and when we cannot avoid them, our erroneous assessments will occasionally even harden and, yet more amazingly, make us more likely to proselytize them.”