Yep, you also wouldn't give the same computer/software advice to your grandma as you would a peer at work. Buffet is telling us to leave trading to the pros, but he absolutely trades.
Are there 100 people who know finance and think carefully like Nassim taleb? What do their outcomes look like? I would bet all of them do pretty well. (I'm not even a big Taleb fan.)
This is just like the startup founder argument. Every one which succeeds ends up having a tremendously interesting background demonstrating unique interest and capability.
Every scientific endeavor is about predicting the future. Imagine your 3 closest friends wanted you to invest in your business. Could you predict which of them would likely do better than the others?
The price system is how our society allocates resources. The fact that people are allocating their own resources to buy one -- without any perverse incentives or being compelled, indicates it's not wasteful to them.
A better example of waste is when local governments funds things which people don't use.
I think the root of this sentiment is misunderstanding or lack of satisfaction at the system level.
And we have we gone through that process to look at the issue from all sides and hear arguments from all parties? No.
You don't need to know intent to fire or punish someone anyway. In this case we can dismiss people for improper action, without demeaning them personally.
Except it's in the body, so they already clicked on the article and made their money. What's left is continuing the trope that Elon is insensitive and stupid.
- He isn't a stock trader, he is a bond trader. The kind of bets you need to make to be succesful are different.
- "how lucky he got by chance" - He doesn't say this. He talks about how we can even better model uncertainties.