Irene Estrada, a specialist in Behavioral Economics at BBVA, highlighted during the 'Decisions that create value: investing by understanding your emotions' seminar that investors do not act as completely rational 'machines'. She pointed out that economic decisions are influenced by emotional factors, past experiences, and mental shortcuts, a concept aligned with economist Herbert Simon's 'bounded rationality'.

Estrada referenced Daniel Kahneman's theory of two systems of thought: one fast and intuitive, the other slow and rational. She explained that most decisions are quick and prone to errors, known as biases. One bias analyzed was the 'disposition effect', which leads to selling winners too quickly and holding onto losers for too long. To combat it, she recommended asking oneself if the investment would be bought at its current price if not already owned.

The impact of negative news and market volatility was also addressed. Behavioral sciences suggest establishing prior strategies and maintaining calm. Estrada emphasized the importance of agreeing on specific rules of action during calm moments to avoid impulsive decisions driven by euphoria or fear.

The specialist mentioned research such as the 'sun effect', which links sunny days to greater investor optimism, and warned against 'excess activity', the tendency to constantly move portfolios due to a feeling of inaction. Reviewing investments too frequently increases the emotional impact of losses, thus advocating for a long-term perspective and filtering out market 'noise'.

In conclusion, Estrada posed key questions for investors: whether they are reacting on impulse, maintaining a coherent plan, and if their emotions are dictating their behavior. She stressed that, although the economic moment is favorable, it is crucial to invest 'wisely, with support, and with rigorous information'.