Representativeness Bias Question

CFA Level III Portfolio Management
#1

As far as I know, Representativeness bias is basically the opposite of conservatism bias and it is the overweighing of new information while undergoing base rate neglect and sample size neglect.

However, it is mentioned in schweser:“Representativeness might rely on an overly simplistic past classification to categorize new information. For example, a stock classified as a growth stock continues to be evaluated as a growth stock even when new information suggest otherwise. The new information is not properly considered.”

But isnt that the exact opposite of the representativeness bias definition and more like conservatism bias? Can someone please explain the above and how it is considered representativeness bias?(note that I havent seen this mentioned in the CFA books)

#2

in conservatism - you do not consider the new info that arrived. So the fact that the stock may be something else would have been COMPLETELY IGNORED.

In representativeness - you considered the information, but decided to not go thro analysing any further - just used your prior simplistic classfication.

It is like cutting thro two aspects of similar sounding stuff.

However one thing - at least for the stock situation — you would not say - I am going to conservatively say this is a value stock. You would infact say - this stock is representative of a value stock.