TALKING FINANCE with Justin Baiocchi of Baiocchi Griffin Private Wealth Is it really progress? I recently saw a quote on the internet which was attributed to Harold Wilson, the former Prime Minister of the UK. According to Harold "He who rejects change is the architect of decay. The only human institution which rejects progress is the cemetery". It's not exactly the most snappy or memorable quote, but it's not hard to get the general meaning, that progress is good, and opposing progress is bad. I was thinking about this view, that progress is 'good', while discussing access to the internet with my kids. It turns out that most of their time spent online is watching someone else doing something. Our daughter watches girls putting on make-up and doing their hair; while our sons watch other people playing video games. I guess watching someone else play a video game is at least a step up from their main interest when they were younger, which was watching unboxings. An unboxing is video where someone records themselves opening some new item, be it a pair of shoes, a boardgame or a toy. When they were younger, our kids would spend hours watching someone open new toys, an odd fascination made even stranger by the fact that the person doing the unboxing was usually a middle-aged man (the hairy forearms were a dead giveaway). So, is spending hours watching someone unwrap stuff on YouTube progress? Does this count as a giant leap in the advancement of the human race? Clearly, not all progress should be considered a boon to mankind. The same applies to investment markets. While some financial innovations should be welcomed (exchange traded funds, low-cost brokerage, online trading and access to global markets), there are some whose contribution is questionable at best (cryptocurrencies, meme stocks and NFTs, just to name a few). The difficulty lies in working out which innovations or developments are worth paying attention to, and which ones will one day be consigned to the dustbin of history. The most obvious recent 'innovation' to cause dissension amongst investors is clearly Bitcoin and the many cryptocurrency look-alikes. There are really only two opinions here: either Bitcoin is the most significant economic development since we moved from gold coins to paper currency, or it's the largest case of mass delusion since the Dutch tulip mania in the 1600's. The answer to that question? Check back with me in ten years' time and I'll tell you which one was true! BAIOCCHI GRIFFIN PRIVATE WEALTH Level 1, 462-464 Peel St, Tamworth NSW 2340 6766 9000 AFSL No 424658 This article is general in nature and does not take your individual situation into account. You are advised not to act on anything contained herein, or discussed as a consequence of the contents of this document, without receiving financial advice from a suitably qualified person such as a financial planner, lawyer or accountant. Follow us on Twitter @BaiocchiGriffin Find us on f Facebook facebook.com/BaiocchiGriffin Private Wealth www.bgprivatewealth.com.au AW7431079 TALKING FINANCE with Justin Baiocchi of Baiocchi Griffin Private Wealth Is it really progress ? I recently saw a quote on the internet which was attributed to Harold Wilson , the former Prime Minister of the UK . According to Harold " He who rejects change is the architect of decay . The only human institution which rejects progress is the cemetery " . It's not exactly the most snappy or memorable quote , but it's not hard to get the general meaning , that progress is good , and opposing progress is bad . I was thinking about this view , that progress is ' good ' , while discussing access to the internet with my kids . It turns out that most of their time spent online is watching someone else doing something . Our daughter watches girls putting on make - up and doing their hair ; while our sons watch other people playing video games . I guess watching someone else play a video game is at least a step up from their main interest when they were younger , which was watching unboxings . An unboxing is video where someone records themselves opening some new item , be it a pair of shoes , a boardgame or a toy . When they were younger , our kids would spend hours watching someone open new toys , an odd fascination made even stranger by the fact that the person doing the unboxing was usually a middle - aged man ( the hairy forearms were a dead giveaway ) . So , is spending hours watching someone unwrap stuff on YouTube progress ? Does this count as a giant leap in the advancement of the human race ? Clearly , not all progress should be considered a boon to mankind . The same applies to investment markets . While some financial innovations should be welcomed ( exchange traded funds , low - cost brokerage , online trading and access to global markets ) , there are some whose contribution is questionable at best ( cryptocurrencies , meme stocks and NFTs , just to name a few ) . The difficulty lies in working out which innovations or developments are worth paying attention to , and which ones will one day be consigned to the dustbin of history . The most obvious recent ' innovation ' to cause dissension amongst investors is clearly Bitcoin and the many cryptocurrency look - alikes . There are really only two opinions here : either Bitcoin is the most significant economic development since we moved from gold coins to paper currency , or it's the largest case of mass delusion since the Dutch tulip mania in the 1600's . The answer to that question ? Check back with me in ten years ' time and I'll tell you which one was true ! BAIOCCHI GRIFFIN PRIVATE WEALTH Level 1 , 462-464 Peel St , Tamworth NSW 2340 6766 9000 AFSL No 424658 This article is general in nature and does not take your individual situation into account . You are advised not to act on anything contained herein , or discussed as a consequence of the contents of this document , without receiving financial advice from a suitably qualified person such as a financial planner , lawyer or accountant . Follow us on Twitter @BaiocchiGriffin Find us on f Facebook facebook.com/BaiocchiGriffin Private Wealth www.bgprivatewealth.com.au AW7431079