The financial industry is actually designed to fleece from those without much financial knowledge. I should know, I used to be one of those shaving the sheep. I

The financial industry is actually designed to fleece from those without much financial knowledge. I should know, I used to be one of those shaving the sheep. I’ve worked with many brokers at Morgan and Merrill and they are generally ignorant sales people. Often they are actually deceitful. Basically everything taught about finance and economics is a half lie and the half that isn’t true is very difficult to understand. In economics ,Consider that private debt has no role in economics but is critical for understanding bank flows. So why do we teach that private debt has no effect under islm? Or consider in finance traditional options strategies of selling covered calls, on etfs. In the past few days you’d notice you lost a ton of money due to the way tracking error is manipulated vs options on the etfs. I was just talking to a billionaire who actually understood black scholes and didn’t understand why he lost so much money on a hedge. Or consider how much growth has gone solely into a few tech stocks while people are still advising you to buy s&p. Realistically smart exposure to the underlying is Generally so much better. Finally on tax advice, especially on crypto, which I believe should be somewhere between 2-5 % of any young persons portfolio, no one suggested a charitable remainder trust and it ended up saving me huge amounts of cash and avoiding long term capital gains while allowing me to do well. The financial industry is a business dominated by sales people. The people you will talk to with less then a half million In savings hardly know shit about Shit. It’s like anything else, if you took the time to understand these financial products you’d realize they are powerful cool abstractions worth learning about