Reminded of the discussion of survivorship bias in "Fooled By Randomness" (Taleb).
Something like a pool of 5000 investment managers each less likely to make a good decision than would a coin toss, would still produce a small population of "masters of the universe" after 5 years.
Something like a pool of 5000 investment managers each less likely to make a good decision than would a coin toss, would still produce a small population of "masters of the universe" after 5 years.