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Many young investors have never lived through a major market downturn, and some novices could overreact as markets fall, according to Sebastien Betermier, an Associate Professor of Finance at Desautels. Analysis has shown that novice investors sold their holdings in greater numbers following the recession of 2008, and saw their portfolios perform more poorly than experienced investors, who were more likely to have bought in while prices were low and to stay the course.