The Green Lumber Fallacy
/A fellow made in fortune in green lumber without knowing what appears to be essential details about the product he traded—he wasn’t aware that green lumber stood for freshly cut wood, not lumber that was painted green.
Meanwhile, by contrast, the person who related the story went bankrupt while knowing every intimate detail about the green lumber, which includes the physical, economic, and other aspects of the commodity.
The fallacy is that what one may need to know in the real world does not necessarily match what one can perceive through intellect: it doesn’t mean that details are not relevant, only that those we tend to believe are important constitute a distraction away from more central attributes to the price mechanism.