An investor's tendency to seek evidence that confirms preexisting beliefs and rejects conflicting evidence. Confirmation bias can cause an unwillingness to seek or listen to financial advice, and inappropriate asset allocation. 

An individual believes buying gold is a safer investment than bonds and t-bills. As a result they read only news articles that support gold investment.

An investor’s tendency to draw conclusions about the parent group based on the salient characteristics of a single event or datum. As a result, individuals ignore sample size and the mean reversion model. The representative heuristic can cause trend following and insufficient diversification. Representative biased investors may also misattribute good characteristics of a company as good characteristics of an investment.

Assuming the software industry is doing well based on the performance of a singular stock (neglect sample size), or expecting a bull market to continue based on current returns (mean reversion neglect).

A tendency to overestimate personal level of control while underestimating the role of luck or outside forces. This may cause speculative trading, insufficient diversification, and reliance on personal skill over chance.

An investor believes risk can be managed by knowledge and skill, i.e. it is possible to limit risk exposure by selling quickly in the market.

An investor's tendency to make poor or contradictory decisions when they receive incomplete, uncertain, or excessive information. As a result, known risks are preferred over unknown risks.

A 401(k) participant selects the default option on a 401(k) menu when they are given too many fund choices.

A tendency to react to a choice based on how it is presented, i.e. what other and how many other options are also presented, or if the choice is presented positively or negatively. Framing often results in inconsistent asset allocation or inappropriate risk allocation for investors. 

An investor overweights a portfolio in bonds because more bond mutual funds were offered than stock mutual funds on a 401(k) investment menu. 

A retiree decides to purchase risky REITs because their broker portrays it as a good investment, not because it aligns with their investment needs.