In the field of contemporary finance, we study the psychology and behaviours of investors. Identify the behavioural finance concept that best illustrated by each of the statements stated below. Describe each of the concept and explain how each concept is affecting the investor's decision making. Statement 1: Lily tells her broker that she does not want to sell her stocks that are below the price she paid for them. She believes that if she just holds on to them a little longer they will recover, at which time she will sell them. Statement 2: After Brenda sells a stock, she avoids following it in the media. She is afraid that it may subsequently increase in price. Statement 3: Harry has not kept records on the performance of similar past investments but he has had some big winners. He believes in his personal research and analysis. Statement 4: Light believes that international investments are inherently riskier. He prefers to purchase any international equity securities in his speculative account and does not want them to be in his retirement account, which has to provide him with stable income in his old age. Statement 5: Clement insists that he will not sell any shares in his portfolio for a lower price that he paid for the shares. (maximum 500 words)