Diva Saxona is an investment advisor in the U.S. She has two new clients: Harry Markowitz and Sai Lee.

Harry Markowitz is a 35 year-old business man. He and his wife had recently purchased a home where they live with their young kid. The home has a mortgage of USD 420,000. Harry has been saving for several years but is behind schedule to fund his retirement. He often invests in firms in which his successful friends are investing because "they know what works." His remaining investment ideas come from advertisements by trade groups and blogs sponsored by the companies he is researching. He had repeatedly declined Saxona's suggestion to consider other additional sources of information.To justify his stance he claims to have avoided stocks that were part of "obvious bubbles" in recent years. Based on previous conversations, Saxona notes that Harry had never considered investing in such stocks.

A) Identify two behavioral biases exhibited by Harry Markowitz. Justify each bias with one example from the information provided.