Efficient Market Hypothesis (EMH henceforth) became dominant in academic circles trying to understand the rules of return in the equity market. After a long period of successes, faith in this hypothesis was gradually eroded by the discovery of several anomalies. The last decades showed immense research efforts to find new models accurately predicting market behavior. These efforts build the foundation for what is called “Behavioral Finance”. During all this time researchers have identified two major reasons why the EMH fails to deliver correct results in so many cases. While the first is called “Limits to arbitrage” and it shows why even well informed, completely rational investors can be limited in their ability to use market options; the second relates to an application of behavioral psychology on individual investors, cataloguing the kinds of deviations from full rationality in investment decisions.