Gem of the day

Daniel Kahneman single-handedly destroys the assumptions we hold around bankers and the reasons for their success (via The Guardian):

'The findings of the psychologist Daniel Kahneman, winner of a Nobel economics prize, are devastating to the beliefs that financial high-fliers entertain about themselves. He discovered that their apparent success is a cognitive illusion. For example, he studied the results achieved by 25 wealth advisers across eight years. He found that the consistency of their performance was zero. "The results resembled what you would expect from a dice-rolling contest, not a game of skill." Those who received the biggest bonuses had simply got lucky.'

The point aligns nicely with the words of ol' Joseph Schumpeter (remember him?)

‘The monetary system of a people reflects everything that the nation wants, does, suffers, is.’