I'd add a third category -- people who know very l

I'd add a third category -- people who know very little about the stock market except the constant rah-rah articles in the press about what a great investment it is to buy index funds -- and who think that the SEC actually investigates fraud.

I know a number of people who are not stupid, they are merely ignorant and can't believe that there could be the kind of widespread criminality in a huge business that supposedly has government oversight.