Panel D also suggests that high-IQ investors are relatively more likely to buy stocks on the days they hit onemonth lows and are less likely to buy stocks when they hit one-month highs. More than 20% of their purchases occur on days these stocks hit monthly lows. Only about 16% of low-IQ investors’ purchases close at their onemonth low on purchase day. IQ’s effect on this ‘‘low-water mark’’ purchase motivation is stronger