In most industries, what looks to be important to outsiders is a distraction to the real nuts and bolts inside. As an old acquaintance from the Air Force observed in reference to the military, "Amateurs talk tactics; pros talk logistics." In many trading endeavors, we can modify this to "Amateurs talk price; pros talk spreads."

However, to quote Clemenceau, "War is too important to be left to the generals." The downside of too much inside knowledge and mastery of minutiae is that famous inability to see the forest for the trees.

Take the world of corporate bonds.