A dozen or so years ago, I wrote an article for a financial newsletter in which I quoted a few institutional investors who complained about the performance of some bonds they bought. The banker who had sold the bonds responded (once he calmed down a bit) by inviting me to attend a “roadshow”—a meeting where bankers and corporate executives pitch their securities to mutual fund portfolio managers and other institutional investors. I have not felt entirely comfortable investing in mutual funds ever since.

The half dozen investors at this meeting all appeared to be newly minted 20-something MBAs, who paid more attention to the buffet than to the thick and complex offering memoranda stacked before them. In about 15 minutes, one of these prodigies agreed to buy a large chunk of the deal; the others wandered off. After the meeting, the issuer’s CFO chuckled, “I wonder if he got permission from his dad.”

The episode came to mind this morning as I read the results of a New York Times/CBS News poll on the administration’s plan to privatize Social Security. Fifty-one percent of those polled said they believe the scheme is a bad idea, and 45 percent believe it will weaken the retirement system’s economic underpinnings. I think a large part of this popular opposition to the scheme stems not from disagreements with its “ownership society” rationale, or its controversial transition costs, or even the threat of lower guaranteed benefits. I think many individuals understand, at least viscerally, that they, like most of their professional counterparts, are just lousy at investing.