Anchoring

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Anchoring

The act of basing an investment decision on irrelevant information. For example, if one bases the value of a stock on its price a year ago, one is practicing anchoring. This can be a dangerous practice, but it is also easy to do. Anchoring is a concept in behavioral economics, which states that people often make decisions based on their perceptions and feelings in addition to (and sometimes instead of) facts.
References in classic literature ?
An anchor is forged and fashioned for faithfulness; give it ground that it can bite, and it will hold till the cable parts, and then, whatever may afterwards befall its ship, that anchor is "lost." The honest, rough piece of iron, so simple in appearance, has more parts than the human body has limbs: the ring, the stock, the crown, the flukes, the palms, the shank.
This insistence in using the odious word arises from the fact that a particularly benighted landsman must imagine the act of anchoring as a process of throwing something overboard, whereas the anchor ready for its work is already overboard, and is not thrown over, but simply allowed to fall.
He first cast anchor at Botany Bay, visited the Friendly Isles, New Caledonia, then directed his course towards Santa Cruz, and put into Namouka, one of the Hapai group.
As long as it went through more frequented waters, we often saw the hulls of shipwrecked vessels that were rotting in the depths, and deeper down cannons, bullets, anchors, chains, and a thousand other iron materials eaten up by rust.
Carefully I climbed to a sitting posture across the anchor's arms.
And so, for Jerry, vanished Tulagi, its Commissioner's bungalow on top of the hill, its vessels riding to anchor in the harbour, and Michael, his full blood-brother.
Dan bent low over the gunwale to hide a smile, twitched once or twice on the roding, and, behold, the anchor drew at once.
On the 21st of February the Tonquin cast anchor in the beautiful bay before the village of Waititi, (pronounced Whyteetee.) the abode of Tamaahmaah.
The car and its accessories, the anchors, the cords, the supplies, the water-tanks, which were to be filled on arriving, all were embarked and put away under Ferguson's own eyes.
For a moment it seemed that she should miss her goal by but a few feet, but at the last moment the canoe swung close beneath the steamer's bow and Jane barely managed to grasp the anchor chain.
Stubb and Flask mounted on them, and passing additional lashings over the anchors there hanging.
anchored off Gibraltar, which looks familiar and home-like."