alt Hacker NewsThe main thing is that if you're a big enough entity, in favorable enough conditions, it's possible to make stupid decisions continuously and survive them for a very long time.
It's the "market can remain irrational..." problem.
The main thing is that if you're a big enough entity, in favorable enough conditions, it's possible to make stupid decisions continuously and survive them for a very long time.
It's the "market can remain irrational..." problem.
And as a consequence, never recognize them as being stupid---in fact the reverse, because your bad ideas are met with macro success even while individually they may struggle.
It's yet another broken feedback loop.