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Re: Part 3: Overconfidence
Now this really made my sit up and take notice. He is talking about how we attribute luck to skill. And one of the groups he looks at is stockbrokers. 'Our message to the executives was that, at least when it came to building portfolios, the firm was rewarding luck as if it were a skill. this should have been shocking news to them but it was not. There was no sign that they disbelieved us'. So the economic crisis and subsequent huge rewards that the industry paid to their workers is like a giant confidence trick.
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