We all have cognitive biases, and smart traders will find ways to compensate for them whether it’s through strict adherence to an investment process, a mental checklist or some other process. But how easy is it to use behavioral finance not just to protect yourself from unforced errors but to beat the market? A study of mutual funds that explicitly make use of behavioral finance found no evidence that they have been able to exploit market inefficiencies. “There is no evidence of outperformance of behavioral funds versus the market return and respective benchmark indices on a risk-adjusted basis,” writes University…