Last year was a very clear example of how investors can be blinded by biases. 2014 was unique in that most major equity markets performed well below average except for the U.S. large cap market (as measured by the S&P 500). The S&P 500 was up 13% last year while international markets were negative and very little else returned more than about 4%. Many investors immediately became nervous over their portfolios. Some even mulled over the idea of completely getting out of anything outside the U.S. There were a lot of strong reactions to just a single year of performance.