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I feel that your thesis is broken by definition: if there is such a small pool of people with this level of experience - so small that they are worth the money and are super difficult to replace - shouldn’t they have already made all their mistakes? Isn’t the board, by definition, paying for people who have a very high chance of making good decisions?



> shouldn’t they have already made all their mistakes?

Is there some finite limit of mistakes that humans make over their lifetimes? In fact, it would be the opposite - those who are making more decisions are by definition likely to make more wrong decisions, as compared to someone who doesn't make as many decisions.

> Isn’t the board, by definition, paying for people who have a very high chance of making good decisions?

Yes, which is why the salaries for such positions are often so high.


> Yes, which is why the salaries for such positions are often so high.

The demonstrable lack of financial repercussions for failure, which you are arguing is justified in some cases, belie this causal relationship. I'd echo Taleb and sat that if an elite class is to be healthy, incompetence must swiftly and summarily result in expulsion.




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