Frank is concerned about the market declines over the past several years. Because of these declines, he believes that the market will continue to go down well into the future. He has pulled all of his money out of the market and purchased laddered CDs until things "settle down." Frank's approach to the market may not be totally rational, and may be an example of which behavioral finance concept?

A)

Framing

B)

Recency

C)

Endowment

D)

Hindsight bias