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Its hard for me be believe that people with a lot of money whose only job in life is to figure out how not to lose it do not do their research. There has to be
by 1971genocide 11y ago
Its hard for me be believe that people with a lot of money whose only job in life is to figure out how not to lose it do not do their research. There has to be deeper reason.
- derriz 11y agoI've pondered this too. I have a friend who is a successful business person and know some others - none in the finance industry. These are just observations from a tiny sample size. First I am surprised that none understand the finance industry; understandable since they were too buzy building a business to worry about anything but cashflow. More importantly is that I think they all suffer from a cogitative bias - they all ignore survivorship bias and believe they can beat the "system" which makes them susceptible to slick finance sales pitches. That sounds a bit cruel - i don't mean it to be; the same attitude got them to where they are.