Read on Twitter
In 1961, Stanley Milgram conducted the famous experiment to measure the willingness of participants to test how much pain an ordinary citizen would inflict on another person simply because he was ordered to by an experimental scientist. https://en.wikipedia.org/wiki/Milgram_experiment
I was reminded of that when I read yesterday of some one who lost 7 Lakh by listening to someone (who he paid big bucks as well) and who kind of goaded him to load up big.
The reasons to his lose has been to treat him as stupid for listening in the first place. But was he really stupid or greedy to listen to experts who come on TV and showcase the ability to make money like no other?
There is a ton of evidence that day-trading is the fastest way to embrace bankruptcy and yet switch on the Idiot box and 90% of the airtime is filled with Experts suggesting intra-day trades / BTST trades
So called success calls are then highlighted to make it seem like if you had just followed them, money would have followed you. When you are new, its easy to assume that this is the way to go.
I myself fell for this shit in 1998 when I build a portfolio based on expert advise and a large article in a pink paper. 10 stocks and most did not survive the year.
In stock broking industry where I have spent the majority of my career, I have seen broken dreams, broken homes and deaths - all because the guys listened to people who came across as experts but were basically trying to line their pockets.
If only brokerage was not there, I would have made money was the constant refrain then. These days there is basically very little brokerage and yet very few actually are successful
Lottery tickets were banned because they were seen as pushing the poor (who would buy more as % of networth than the rich) to the brink and over.
But buying / selling options / futures seem to have somehow seen as beneficial than destructive to the overall population. The odds are better than maybe lottery only because no one has really measured it.
In US, a blogger wrote that you cannot save those who don't want to be saved. Maybe so, but by keeping quiet and not questioning the ridiculous claims, how different are we than the bystander who prefers to shoot a video at an accident than help him?
Like in case of Lottery, its not the HNI's who get impacted, its those who see very little chance of upgrading their life without taking risks but don't understand the risks they are taking by listening to "experts".
With more people at home, there are more wannabe traders and that demand has generated more experts who come up with ways to make money in markets regardless of what the markets itself is doing
Its not possible to save everybody and yet its important (from the way I look at things) to at least call out when you see bullshit. You may not change anything but at least you called it out than standby and watch. /*End of Rant*/
