Read the information below and answer the question below:

Relieved to have completed your first assignment, you head out to JoJo's Tavern for a couple pints with some fellow associate consultants. Your colleagues brief you on some basic office politics and you share some details of your conversation with Miss Jones. The conversation turns to investing as the past several years have been very good financially for your new colleagues. During your conversation, several of your colleagues' comments seemed to demonstrate commonly known biases in behavioral finance. The most interesting of these are listed below. 1. "My father was a buy-and-hold investor but I am an active trader. To keep trading costs low, I use an online brokerage firm. I have done well investing in technology companies because I know the industry." 2. "I am holding a large position in Omega Corporation with a large unrealized loss. Omega's stock price declined last year when reported sales and earnings failed to meet analyst expectations. I took advantage of the decline to increase my position." Omega sales growth has continued to slow over the last year, but I believe the stock is still a good investment." 3. "I read a newspaper article reporting that commercial property values in the city have increased 14 percent annually since 2000. According to the article, the average commercial property in the city sold for $1.5 million last year. This makes me very happy because I just purchased a piece of commercial property last month. There is no doubt that it will be a good investment."

Question: Select the behavioral finance concept best exhibited in each of your colleagues' three statements at JoJo's bar. Explain how the behavioral finance concept you selected affects her investment decision making. Write your responses to these issues raised by your colleagues. Provide clarity, organization and completeness in your responses. This part should be between 1-2 pages in length.