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this post was submitted on 07 Jun 2026
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One of the big problems with investing is that the average investor thinks they're smarter than the average investor.
It’s inevitable, anyone wise enough to doubt their ability to outplay the market chooses not to try, the remainder all think they can
Where it's not a bubble, the market is positive sum and the average investor is wise to participate.
That’s true. I guess you just have to think you can keep up with the market, not necessarily beat it.
Don't be so smug. The intended victims of this IPO are passive investors who aren't trying to time the market and are just long-term holding index funds for retirement. That's exactly who Musk is planning to rob. If you're taking the typical low-cost index fund strategy, you will be giving approximately 1% of your life savings to Elon Musk.
Not trying to be smug, just pointing out that a system that encourages self selection will tend to select for self belief, justified or not.