> have access to infinite resources, knowledge, etc.
I find the pervasiveness of this idea fascinating since it usually falls apart on backtesting. There are tons of elites who get taken in by Ponzi schemes (just look at Madoffs client list), lots of very well connected people lost a ton of money in 08, lots of celebrities use Goop products, etc.
Are there counter examples? I have not found much evidence that there’s some secret elites-only repository of knowledge.
I find the pervasiveness of this idea fascinating since it usually falls apart on backtesting. There are tons of elites who get taken in by Ponzi schemes (just look at Madoffs client list), lots of very well connected people lost a ton of money in 08, lots of celebrities use Goop products, etc.
Are there counter examples? I have not found much evidence that there’s some secret elites-only repository of knowledge.