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WINNING the 1992 Wim- bledon title was supposed to be a life-changing event for tennis great Andre Agassi.

After years of Grand Slam disappointment, Agassi shed the label of choker to win the most prestigious tennis tournament in the world.

Agassi was relieved, to be sure, he writes in his recently published autobiography, "Open." But what he discovered was surprising.

"A win doesn't feel as good as a loss feels bad, and the good feeling doesn't last as long as the bad," Agassi says in "Open."

"Not even close."

The same emotions are at play in investing, as Jason Zweig reveals in his book "Your Money and Your Brain."

The regret that comes from investment losses is significantly higher than the joy that comes from winning trades.

To avoid mental anguish, many investors are reluctant to sell their losing stocks, as it represents an admission that a mistake has been made. But people have no trouble selling stocks that have increased in value.

U.S. tax law punishes that kind of behavior. Selling a winning stock leads to taxable gains, while selling a loser allows you to offset capital gains and up to $3,000 a year in ordinary income. Yet people act against their best interests to avoid the pain of realized losses.

Loss aversion keeps people out of stocks, also. It's why countless savers keep their money hoarded away in low-yielding money market accounts, which often don't even keep up with the pace of inflation. But they're safe, at least in the traditional sense.

Loss aversion also affects people when it comes to selling houses, Zweig shows in his book.

People trying to sell their house tend to hold out longer when facing a loss. Often they'll take the house off the market rather than lose money on it. Realtors report that it's often hard to get sellers to admit that today's market isn't like the one of a few years past, leading to overpriced houses sitting on the market and attracting little interest while fairly priced homes sell quickly.

Investors would be wise to learn how their emotions work when it comes to investing and take steps to instead make cold, rational decisions. In the long run that's more likely to produce a winning strategy, even if it sometimes means coping with a loss.

BB&T SHINES

BB&T Corp., the Fredericksburg area's leading bank by customer deposits, got some love in the last edition of Barron's.

In an article titled "The New Banking Belle of the South," Barron's writes that the Winston-Salem, N.C.-based bank is emerging from the financial crisis stronger than most of its peers due to its conservative knitting.

Barron's makes clear that BB&T has its share of problems like all banks, including a relatively heavy exposure to commercial real estate. But the bank should be able to weather the storm and see earnings growth, the article states.

"In almost all ways, BB&T is poised to best competitors as the financial crisis recedes," Barron's writes.

Staff reporter Bill Freehling writes this weekly column on business, personal finance and investing. He can be reached at 540/374-5405 or bfreehling@freelance star.com.