Over the years, some of the biggest losses to investors have arisen from market calamities that never happened. This may sound paradoxical, yet it’s a fact. The explanation is that many more apocalypses are prophesied by financial commentators than actually occur. That contributes to the excessive trading that leads to significant underperformance. A Catalogue of Recent Non-Catastrophes Just in the past ten years, numerous events have triggered fears of economic and financial

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