Today, I want to share with you a fantastic conversation I had with Tobias Carlisle on The Acquirers Podcast.
It provided a unique opportunity for me to bring together many of the things I’ve been writing about in The RISK Rituals and the conversations I’ve been having with media outlets into one coherent story – a culmination of my thinking and work over the last year.
It starts with a discussion of the things I like and dislike about Robinhood – how Robinhood makes its money and what that means for DIY investors as well as the opportunity Robinhood missed to educate investors.
We talk about the ways in which retail finance takes advantage of how dopamine can drive people to make decisions that are not in their best interest – and how that dopamine hit can lead to repeated bad decisions over and over, in an addictive way.
Most importantly, we talk about solutions – tools and education – that can help DIY investors get involved in the markets in a way that is sane and sound. There are all sorts of people – professional investors, for example – who have been very successful in the markets. What do they know that DIY investors don’t? And why don’t DIY investors know it?
I am just as frustrated about the way markets work as the Reddit crowd. But I’m concerned that the kinds of tactics they’re using to “stick it to the man” are going to backfire on them.
I believe that what will truly lead to lasting positive change in the markets is a critical mass of DIY investors participating in the markets in an intelligent and successful way.
To that end, I’ve created an investment course, 7 Principles of Successful Investing, and a brand new app that will help you invest like the pros, regardless of experience. Check out the course description if you want to learn more.
I hope you can take some time and listen.