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Excellent explanation Patrick. Perhaps PG should run his finance related posts past you in future! IMHO he's assuming more of a financial background than his usual hacker audience has.

I once read that the road to mastery of a subject is:

1. No knowledge and a lack of awareness of the knowledge you need (eg. I don't know how to drive and I don't even know what I need to learn)

2. No knowledge, but conscious of what needs to be learnt (I don't know how to drive but the instructor has told me what I'm going to learn)

3. Knowledge and still conscious of what needed to be learnt to get there (I've learnt how to drive but I have to consciously think about changing gears)

4. Knowledge without awareness of application (Driving is now part of my kinesthetic memory and I can concentrate on my phone calls instead)

The point is - an expert can't teach from level 4. They have to go back to 3. If they can't do that they're still an expert, but a bad teacher.

My brother's like that with chemistry - dare to ask a question and you'll get a PhD level answer. I think pg's like that with finance. So thanks again!

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