bias

1. General: Inclination or preference that influences (but ought not to) one's judgment from being balanced or even-handed. Prejudice is bias in pejorative sense.

2. Statistics: Systemic inaccuracy in data due to the characteristics of the process employed in creation, collection, manipulation, and presentation of data, or due to faulty sample design of the estimating technique.

We always ask whether we ourselves have any competitive advantage in analyzing a particular company. Can we know the business better because no one else seems to be paying attention? Is the market's view being distorted by some behavioral or structural bias that we don't have?

• Wealthy Investors vs. Wealthy Entrepreneurs