She had me until she started complaining about SAT scores. Granted, the example used is ridiculous, especially considering that the test is valuable because it is statistically predictive. In this case, there's nothing to predict - they have decades of performance data.
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It's not a mystery why they made that choice, however. Part of what a PE firm or ibank trades on is prestige. We only entrust your money to the very best, Mr. Fantlebottom III, and you can tell that to all your friends at your country club.
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