Which statement below is MOST accurate about how emotions factor into investment decisions?

Since the emotional response to making money is so strong, many investors respond to an increase in the stock market by selling their shares.

Since all investors are basically rational, emotions play little role in investment decisions.

Emotions make it easy to buy when the stock market is low and sell when the stock market is at high levels.

Since the emotional pain of losing money is so great, many investors respond to drops in the stock market by selling their shares.