Mr. Hassan Raza is an unmarried 45-year-old, hard-charging pharmaceutical executive earning Rs. 300,000 per year. He lives extravagantly and occasionally overspends, but he has saved approximately Rs. 1.5 million. Mr. Raza had a mild heart attack last year but now has a clean bill of health. His primary financial goal is to retire comfortably at 65 and to donate Rs. 3 million to his alma mater (he cannot obtain adequate life insurance to cover the gift). You have been working with Mr. Hassan Raza for less than a year. You've drafted a financial plan but have yet to modify Mr. Hassan Raza's pre-existing allocation (nearly 100 percent equities). However, you have developed a good working relationship with Mr. Hassan Raza, who listens intently and seems receptive to your recommendations. You believe that Mr. Hassan Raza is a well-grounded person and is self-aware, but you also believe that he has some behavioral issues to deal with.

Required

1- Identify the biases present in Mr. Hassan Raza's behaviour and discuss.