[quote=Allan from Fallbrook]
I remember sitting through this presentation and thinking, “I have no idea what the hell this guy is talking about”. [/quote]

That’s actually another large problem, especially in the financial world. There aren’t enough folks who evaluate and analyze things and say, “Shit, maybe I’m just stupid, but I just don’t get it.”

As my father, who was the CFO of a fairly large conglomerate many moons ago, used to say: “If it doesn’t make sense on the back of an envelope, it’s probably not worth screwing around with.”

Related, as someone recently noted (I think it was Paul Volcker): “Most folks appear to be more certain of everything than I am regarding anything.”

Which is just another way of saying that too many folks don’t know what they don’t know and are unwilling to internalize or acknowledge it. This ailment is particularly acute in the world of finance. And clearly it’s done a hell of a lot of damage.