Risk. Trouble Assessing Probabilities. Hot-hand fallacy: belief that once the event has occurred several times in a row, it is more likely to repeat.
Gambler's fallacy: belief that once an event has occurred, it is less likely to repeat. Example: some investors assume that a rising stock will continue to rise(hot-hand fallacy), while others assume that a falling stock is due for a rebound(gambler's fallacy)