You are a portfolio manager of a prestigious Investment Management company, and two of your clients have reached you to share their thoughts about their portfolio performances:

Mathew: Hello, I have lost a lot of money in the last two quarters! I know that I asked you to invest my money into a very aggressive mutual fund even though you said that it did not fit my investor profile. I know, I know, but I now need to recover. I want you to move my money from this aggressive mutual fund to a technology fund that has done excellent in the last year. Thus, the potential return from this fund is higher, and I think that I can recover from my losses.

Carol: I wanted to thank you for the extraordinary performance of my portfolio in the last few quarters. I think that this situation will not continue in the future, however. Six consecutive quarters of gain? Come on, a loss is overdue, you know? Should I move my money elsewhere? Or, if we keep the money in this portfolio, dont you think that it is a good idea to invest all the profits from this portfolio into a riskier portfolio so that I can make more money?

What behavioral biases do Carol and Mathew exhibit? Explain in details those biases and what you would recommend to them to overcome those biases.