Richard Thaler's famous choice of words began the demise. Decay starts with decreasing relevance. Then science progresses, funeral by funeral (Max Planck). Behavioral finance is slowly disappearing from the CFA curriculum and has almost vanished from the asset management space. A behavioral finance fund with assets greater than $100 million with a track record longer than five years is hard to find.

In 2007, amidst an increasing interest in the intricacies of market dynamics and human psychology, I penned "Deficient Market Hypothesis." This piece was a testament to my burgeoning quest to understand not just the mechanical underpinnings of financial markets but their psychological ones. Daniel Kahneman's pioneering work on noise and biases provided the scaffolding upon which my thoughts could climb and explore new vistas. Kahneman was not the first psychologist to systematically dissect the psychological systems at play within decision-making processes, laying bare the biases and noise that often clouded judgment, but he was the first to bring psychology to the masses.