Morgan Stanley beat Macquarie, page-16

From the horse's mouth:

"One justification for focusing on logic and data can be found in a rarely acknowledged, but clearly evident fact about human decision-making: human beings do not always act in rational ways.
A report released by Morgan Stanley's Institute For Sustainable Investingⁱ looked at theories of Behavioural Economics that relate to consumer behavior. The report outlines the concepts and insights that emerge from the fundamental behavioural reality that people act in certain ways based on a variety of influences - which often fall outside the realm of logic.
The report sheds some light on why individuals without an understanding of the analytics behind financial markets may encounter problems when making high pressure decisions about how to invest their hard-earned cash - even acting in ways that are based on emotion, gut instincts or superstition."