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The Upside to the Market Crash (npr.org)
22 points by dpapathanasiou on Nov 26, 2008 | hide | past | web | favorite | 2 comments

You should restore the original title, which includes Lewis' name. I went from idle curiosity to going, "Oh! I have to listen to that later tonight!" when I saw what it was really about.

A few months ago, Lewis visited Princeton University, his alma mater, "to find out what the kids who were going to be investment bankers were now going to do with their lives." He says he was "so frustrated with how unimaginative young people had become in choosing their path in life that I thought that someone should establish a kind of 'Scared Straight' program for Ivy League students." He'd require them to spend a week with a hedge fund manager in Greenwich, Conn., "just to see how miserable" they'd be after 20 years.

That won't work. Wannabe bankers suffer from the same bias as young grad students. They expect to be exceptions. Everyone knows that the academic job market has been a toilet for the past 25 years, but people still pile into that industry expecting to be that 1 in 10 who gets a decent tenure-track job. People who are used to beating the odds, and winning constantly with little effort, generally haven't fully realized yet that failure also happens to people exactly like them.

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