>first-principles explanations: most people experience an “illusion of depth”, in that they believe they understand the causal mechanics of an area far better than they do. But in fact, they have learned only a superficial model of the area. Levine corrects this.
I've found almost the opposite. Many smart people see a new field and think "ah this can't be too hard if we just approach it from first principles" and then leave behind all of that field's accumulated knowledge. In finance, this is a well known trap for the unwary polymath.
In my personal life, I have found great satisfaction in finding out how different people's jobs work, all of the things I wouldn't expect or know, and so on. I think it's fascinating. Whatever it is I think I can figure out from first principles might have been how the field started, and then there's the other ninety-nine percent that comes with it, the non-obvious stuff. But I am a very curious cat.
I mean, that was his entire point about crypto- how it speed-ran the entire history of finance markets and discovered- in very painful and usually expensive ways- why each bit of market regulations exist.
I've found almost the opposite. Many smart people see a new field and think "ah this can't be too hard if we just approach it from first principles" and then leave behind all of that field's accumulated knowledge. In finance, this is a well known trap for the unwary polymath.