[rybosworld]

I think the business world has two "growing pains" right now:

1. The ruling class thinks they are more intelligent/capable than the people they rule. This isn't nearly as true as it used to be, because of the democratization of knowledge brought on by the internet. We are seeing, I think, that in many cases the people at the top are not only not infallible, but incompetent.

This has always been true. But the average person today is significantly more informed than in prior decades, and so displays of incompetence by a CEO are now often met with some flavor of: "how could someone so high up be making mistakes that business 101 students learn to avoid?"

2. ZIRP has led to a generation of leaders who know how to raise money but not how to make it. Growing a business was easier in the 2000's and 2010's compared to the last 2-3 years. VC's were handing out money like candy. Not true anymore.

Tight monetary policy is shining a light on the leaders who were in the right place at the right time to take the right credit, but would not be in the position they are if it was up to merit alone.