The unanswered, and most interesting question: how does a bubble pop? Uniformed individual investors are the culprits for inflating bubbles, so how/why does the price start trending downward? What causes the reversal? Can the reversal be moved forward to prevent them?
3. The crowd needs the statistician to be wise too. I don’t think this is a valid threat to the idea, merely that you need to be aware of the data generating process to use the correct mean. Same idea as with removing outliers.
5. Financial education is not effective. But there are other options.
6. Going to a financial advisor is worse than the dentist?