High cognition + low emotion + low environment = Armchair strategist


Representing: Some scholarly-type investors

Low cognition + high emotion + low environment = blind adherence type
Representative: Some old-school value investors

Low cognition + low emotion + high environment = Environment-dependent type
Representing: some trend-following investors

Ideal state: High cognition + High emotion + High environment = System integration type
Represent: A few outstanding professional investors
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