Just the fact that you are buying low cost Vanguard funds probably puts you in the upper tier of sophistication. You have no idea how many people are just buyin

Just the fact that you are buying low cost Vanguard funds probably puts you in the upper tier of sophistication. You have no idea how many people are just buying individual stocks seemingly at random and then buying and selling them way more often than they should both diminishing their top line gains and paying more in taxes to boot. I think people that do this are the "unsophisticated" people the article refers to.