In reality most people aren't very savvy though. Are you advocating they shouldn't invest in basic things like an S&P 500 fund or a "target date" fund or whatev

In reality most people aren't very savvy though. Are you advocating they shouldn't invest in basic things like an S&P 500 fund or a "target date" fund or whatever? That kind of investment is almost a necessity in the US. I'd agree they shouldn't get into CDS and other esoteric instruments, and I also would put crypto investments in the 'esoteric' bucket.