if you gave so called sophisticates more information they would...

if you gave so called sophisticates more information they would still make the same poor mistakes.

You use the example of pension funds etc - they have people in their employ whose sole duty is to analyse investment opps. They have plenty of information when they make their decisions.

It's not an information vacuum that calls poor investment choices but more to do with not wanting to miss out on what everyone else is playing in.

Their are very few so called sophisticates who have a back bone that would enable them to say no to deal that sounds to good to be true.

Cheerio