The commission of the investment sins listed above is not limited to 'the little guy.' Huge institutional investors, viewed as a group, have long underperformed the unsophisticated index-fund investor who simply sits tight for decades. A major reason has been fees: Many institutions pay substantial sums to consultants who, in turn, recommend high-fee managers. And that is a fool's game.
The fools standpoint is that all social institutions are games. He sees the whole world as game playing. That's why, when people take their games seriously and take on stern and pious expressions, the fool gets the giggles because he knows that it is all a game.
When I work a game as an analyst, all I do is look at the game like a coach. Why was something successful? What makes it work? I just try to use my expertise and whatever insight I have to the game.
Substances like LSD, which give away a secret about the nature of the social game - the human game and what underlies it - are potentially dangerous, of course, like any good thing is. Electricity is dangerous, fire is dangerous, cars are dangerous, planes are dangerous, but not so dangerous as driving on the freeway. The only way to handle danger is to face it. If you start getting frightened of it, then you make it worse. Because you project onto it all kinds of bogeys and threats which don't exist in it at all.
We never pay anyone Dane-geld,
No matter how trifling the cost;
For the end of that game is oppression and shame,
And the nation that plays it is lost!
I've always felt that the game itself is pretty much a melody and I am there to provide the lyrics. You want the lyrics to match the melody, because if you are composing a song or recording a song, it's cacophonous if they don't match.
I don't believe in the so-called Olympic spirit. I speak from personal experience. When China hosted the Games, it failed to include the people. The event was constructed without regard for their joy.