ABSTRACT
People’s brain's ability to rationalize their actions is amazing. In some ways, this protects us from depression and keeps us from becoming afraid to the point of being paralyzed, although it can also lead to overconfidence. In Dynasties of the Sea, some leading shipowners emphasized the role of emotions. Being a shipowner comes with a lot of mental stress. Once the shipping investment is made, the shipowner is exposed to the unavoidable optimism of other shipowners. The three main differences between shipping and more conventional industries are the degree of mobility, the level of representation, and the image. Like their assets, shipowners become mobile too. A good shipowner is a good representative. In the shipping business, the 'winner's tragedy' is also very common, even though people do not name it as such. The more success shipping investors experienced, the more overconfident they became. Shipping investors rationalized that they were 'too big to fail.'.
