Scott Smartvestor, Deming, Japan discussed on Smart Investing with Brent Wilsey

Automatic TRANSCRIPT

And speak with scott the morning scott smartvestor chase are going to help you your morning uh you know what you're talking about with uh people like uh making decisions will they really don't understand the prophet uh i uh i was trained in the principles of w at work to deming you will the guy that went to japan and set up this potential processed control procedures for uh the japanese companies and uh you know you stood got plot only stuff you know like us standard deviation uh above the mean or whatever and anything beyond that was a special caused that he would pay attention to anything that was it within the variance of a normal standard deviation with something not to pay attention to and it's amazing you know so many people pay attention to little thing and think that you know anecdotally they know the answer and really it they're looking at something else like maybe uh some moderator variable or something that's involved where they don't really understand the corner um so you know uh i would tell people leave the better understand the process before they do it just like you said you don't do gold you really don't understand the whole process behind it right right and he and you're survey because again people the the the batting here skies at people have a little bit of information and they think they know it all and they get into some thing and it doesn't work men understand why because they may have just spent realistically five ten minutes and turner stand it somebody else pull them something briefly about it like wow this is great this bitcoin thing this whatever it may be like wow this is great and they get into a and understand why they lose money over and over again well you know uh the bitcoin thing when it first came out with that there's a thing called bitcoin mining and that would have been an arm to go into you didn't have to pay a dime all you were doing is using your computers to mind bitcoin right and there were people like very technical people that got into it that made millions of dollars right at.

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