I think the compassion section has the most wisdom in it, especially the reasoning behind the recommendation: 82. Call your parents when you think of them, tell your friends when you love them. 83. Compliment people more. Many people have trouble thinking of themselves as smart, or pretty, or kind, unless told by someone else. You can help them out. 84. If somebody is undergoing group criticism, the tribal part in yo…
91. don't buy XRP but in seriousness, I think it is easier to apply these rules to people you know than strangers. Look how often people lose patience with each other online. >85. Cultivate compassion for those less intelligent than you. Many people, through no fault of their own, can’t handle forms, scammers, or complex situations. Be kind to them because the world is not. Interestingly, being smart does not protect…
We had similar scandal in our country with tens of thousands of people being duped into buying some kind of gold secured deposits. We have heard how smart people like doctors, actors, lawyers invested significant % of their net worth on it. I see it differently. They are not smart. If you invest big % of your net worth into one thing, especially if that thing is not a huge publicly traded and regularly audited company/fund then you are not smart. If you're tempted to put a lot of money into some magic fund that trades gold you are just dumb.
Not putting all your eggs in one basket, especially if it sounds like some exclusive great opportunity isn't rocket science. It's just that vast majority of the population is clueless when it comes to thinking about money, probability and motivations of others.
I think the point about the compassion is great. Very small % of people can understand things like financial instruments, expected value or utility of money. We need a framework to protect less fortunate from scams because that's most people and no one wants the world where scammers reside at the top of the food chain.