Everybody needs money. That's why they call it money.

From full global headquarters, this is Motley Full Money. Welcome to Motley Full Money. I'm Chris Hill. You know, each week here on Motley Full Money, we dig into the numbers of business as we analyze the latest headlines and the stocks that are on our radar.

But Warren Buffett, the greatest investor in modern times, has said the most difficult thing he had to master as an investor was not numbers or analysis. It was his temperament.

So this week we've got a special edition of Motley Full Money on Tap. Three of our favorite interviews all dealing with investment behavior.

We've got Christopher Shabrie, author of the Invisible Gorilla, Dan Arieli on the upside of irrationality. But we begin our show with bestselling author Carl Richards, author of the behavior gap, simple ways to stop doing dumb things with money.

I want to spot you up with a few chapter headings and have you expound on them. And the first chapter in your book, we don't beat the market beats us. Wow, that's a little depressing.

Yeah, I mean, there's a lot to talk about there, but I think one of the mistakes we make a lot is we think like, you know, that's a bad investment.

And I remember, in fact, I think the story in the book is when I was eight years old, I remember hitting a sprinkler head with a lawnmower and running inside and saying to my mom, the sprinkler head or the lawnmower hit a sprinkler head.

And she patiently explained to me, lawnmowers don't hit sprinkler heads, eight-year-old boys hit sprinkler heads. And so I think sometimes we have a tendency to blame investments.

You know, the stock market's bad. This investment was bad. Well, in the end, most of the time, you know, it's the investors making the mistake.

Yeah, with the exception of obviously some of the fraudulent activities we've seen, but most of the time, just making mistakes ourselves.

And I think whenever we really try to spend a bunch of time and energy trying to outsmart the market, we end up hurting ourselves.

You also blogged for the New York Times. And one of your recent blog entries, you wrote that everyone should use the overnight test for our listeners.

If you could, please explain the overnight test.

Yeah, so often we get emotionally attached to an investment. You know, maybe we inherited it. Maybe we bought it for some reason in the past.

And we end up sort of collecting these series of investments like, you know, the Ten Hot Funds, you want to own now. And then next year, you buy the next Ten Hot. You've got this collection.

Well, I think occasionally it's really smart for us to say, and this happens to me when clients come in and say, what would you do with these investments?

I think if you've decided to build up a plan for the future and you've got a collection of investments, it's really smart to say, all right, look, let's figure out if we're, if we, these investments are still appropriate.

And one way to do that is to take the overnight test, just say to yourself, okay, what happens if somebody sold all these investments overnight?

And I woke up and I had cash in my account. And again, this is hypothetical. I know nobody needs to yell at me about taxes and commissions.

It's just an idea. So it's an exercise people. Come on.

Yeah, yeah. You wake up in the morning and you just have cash. Would you reinvest the money in exactly the same holding?

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