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Hi, and welcome to the Longview. I'm Jeff Battack Chief Ratings Officer for Morningstar Research Services. On this week's episode, we'll feature some of our favorite clips from interviews we did

with portfolio managers and investors in 2021. In case you missed it, be sure to check out last week's

best of episode, which covered some of our favorite clips from interviews we've done with

financial planners, advisors, and retirement researchers over the past year.

Author and Wall Street Journal columnist, Jason Zwag, has been a hero to Christine and me for a long

time, so we were thrilled to have the chance to interview him earlier this year.

Jason shared his wisdom on a range of investing, behavioral, and personal finance subjects.

One question we asked Jason is why people seem to be so dismissive of expertise

amid a trading frenzy in things like meme stocks and cryptocurrencies.

Here's his take.

Well, obviously, we can't disentangle that from broader trends in society.

And we've seen this in the political realm and economics, obviously, in public health.

And, you know, I think some of it comes from the fact that anybody can Google anything and get a

superficial understanding of even the most complicated issues. And that's a new phenomenon.

I mean, for most of human history, knowledge was the ultimate scarce good.

And, you know, a thousand years ago, 10,000 years ago,

...