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The analogy for world where do your own retirement saving, planning and investing is: "you step on the airplane to turn right to go your seat and the flight attendant says, 'Oh, no, no, no. You’re turning left. You’re flying the airplane.'" Bill Bernstein ritholtz.com/2019/04/transc…
The way I explain investing to a physician like me is: "when you have to treat someone with a serious disease, you don’t get your information from 'Psychology Today," or 'USA Today.'" Don't expect a different result if you just read a few equivalent business publications.
"There's big difference between watching your portfolio drop 30 or 40% real-time and doing that in a spreadsheet. It is kind of like the difference between crashing an airplane in a flight simulator and doing it for real. Your pucker factor, as pilots like to call it, changes."
