Biased echoes: Large language models reinforce investment biases and increase portfolio risks of private investors

Philipp Winder; Christian Hildebrand; Jochen Hartmann

PLOS One · 2025-06-27
peer-reviewed original research · Version of record · CC BY 4.0 · 9,126 words

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Title: Biased echoes: Large language models reinforce investment biases and increase portfolio risks of private investors
Human authorship: Philipp Winder; Christian Hildebrand; Jochen Hartmann
Source: Complete manuscript edition 2026-10-22
Editorial record: Attributed Creative Commons source edition. Original publication and authorship remain with the source. Hosting is not a new peer-review decision.

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Original authors / creators: Philipp Winder; Christian Hildebrand; Jochen Hartmann
Original publication: PLOS One · Public Library of Science · 2025-06-27
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doi:10.1371/journal.pone.0325459
License & retained notices: CC BY 4.0
Original authors retain the copyright stated in the source. 2025 Winder et al This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.
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2025 Winder et al This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.
Edition changes: Licensed narrative text edition. Original headings, paragraphs and references are preserved with normalized whitespace and layout. Figures, tables, display equations and separately licensed third-party material are not reproduced; use the linked original full text for those elements and definitive pagination. This is an attributed republication, not newly conducted research.
Evidence limits: Models were evaluated at particular dates, with checks up to January 2025, and simulated portfolios used a specific market interval with strong technology performance. This is not a trial of PPM extraction or private-capital diligence.
Retraction / correction check: No article-specific retraction or correction notice found in limited check Not a comprehensive Retraction Watch or all-version audit. Publisher Crossmark interactive endpoint not checked; absence of a notice is not a guarantee. Checked 2026-10-22.
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