The hedonic treadmill effect applies to investment returns—once you achieve some level of return, you quickly adjust your expectations upward and no longer feel satisfied with that level of performance.

factualpending

Speaker

Justin Carbono

Evidence Quote

how would you have felt instead of the Market being up 20 and you're up 10 if the market was down 20... would that have been an acceptable Choice

Source

Practical Lessons from Ben CarlsonExcess Returns
Created: 8/11/2026, 7:52:29 AM

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