These quotes make for a good analogy to religion.
“Yet when it comes to investing[religion], it’s easy to find people, even smart, educated people, suddenly transforming into simple-minded individuals who will just about invest in anything, as long as you tell them what they want to hear. It doesn’t even matter if they don’t totally understand what is it that they are investing into.”
“It’s hard to imagine why anyone would agree to invest $500,000 into something they don’t understand, just because someone from the bank[church] advised them to do so. Do we really trust banks[churches] so much in Singapore that we are willing to invest in whatever they say?”
“Many walked into trusted banks[churches] and bought what they thought were safe products from bankers[preachers] who were advising them. Yes, the products sounded complex, but the assurance was that they were safe products meant for people with low-risk tolerance, such as retirees.
And given the complexity of the products that were sold (i.e. credit default swaps, credit debt obligations, securitisation, etc) [fancy theologies, doctrines, etc.], we wouldn’t be surprised if some investors[believers] still do not know until today what they had invested[believed] in.
Don’t be too hard on yourself. Even the personal bankers[preachers] who sold these products didn’t know what they were really selling. These products were THAT complex.”
“As adults, we are taught to be responsible for our own financial circumstances. How we spend our money each month is a personal responsibility.
The same logic should extend to how we invest our money. If we cannot be bothered to learn and understand what is it that we are putting our money[faith] into, then whose responsibility should it ultimately be when something goes wrong?”