Morgan Housel

So the answer is you don't need to know how this works.

Just in the same way that in order to be healthy, you don't need a PhD in biology.

You don't need to understand how cell division works in order to be in good shape.

And I think it's the same for the economy.

And it can actually backfire for a lot of people that once they start reading the Wall Street Journal and learning a bit about finance, it increases their confidence more than their ability.

So they're like, oh, like I read the Wall Street Journal.

I should go day trade crypto now because I read a thing that teaches me how the Federal Reserve works.

So now I'm going to, it increases your confidence more than your skill.

So interesting.

And so I think it's important to be an informed citizen and the Federal Reserve impacts your life.

And tariffs impact your life.

So it's important to have some baseline understanding.

But I think that's more about being an informed citizen and informed voter than it is having financial skill.

the least about i think he's the most rich period to be honest he's the one that knows least about finance and he knows the least about investing he knows the least about crypto well what's the meme of like the the tail spectrum of like the poor person drives a toyota the middle person has a porsche bmw mercedes and the rich person goes back to toyota of like it's like whether you are very uneducated or extremely wise you tend to end up oh this that's it okay

And so I think it does tend to be the truth that the people who do the best financially either have like no financial education or extreme financial education.

And it's a person in the middle that has their confidence is increased much faster than their ability.

And they're like, oh, no, no.

I read this thing on Reddit that taught me about day trading.

So now I'm going to go bet my entire net worth on this company I've never heard of.

It's not it's not it's not exactly perfectly true.