[XorNot]

The main thing is that if you're a big enough entity, in favorable enough conditions, it's possible to make stupid decisions continuously and survive them for a very long time.

It's the "market can remain irrational..." problem.

[shermantanktop]

And as a consequence, never recognize them as being stupid---in fact the reverse, because your bad ideas are met with macro success even while individually they may struggle.

It's yet another broken feedback loop.