Travel planning inspired by Vanguard - past performance
This time of year many investors hear the words "past performance can not be used to predict future returns". In fact today I received a note from Vanguard discussing this very phenomena. They called it past performance bias. Here's the premise: in many areas of life, performance from one time period to another is consistent. For example, if you had a really good experience eating at a restaurant, chances are good that you'll enjoy your next meal at the same restaurant. But in investing (ie: stocks and bonds) this is not necessarily true. Vanguard suggests that there are three factors to making better decisions about investing: Education, Discipline and Focusing on what you can control. I thought it would be interesting to see if these also apply to vacation planning.