And yet the ROIC dogma is clear: financial activities have a zero NPV.pic.twitter.com/oo7qPEOG43
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No, they think they're signalling competence, but they're actually signalling stupidity. When Bill Gates, by all accounts, one of the smartest most competent and fiercest business competitors ever says "luck" he's signalling virtue.
I'll give you another example. Whenever Buffett goes on TV he always waxes poetic about how lucky he's been. But in the 80s, in response to the efficient market hypothesis he wrote an extensive article about how his returns were not the result of a six-sigma deviation.
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In other words, when he's being asked by a journalist how he did it, he emphasizes luck to seem humble, but when asked by a logician, he basically says "skill".
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Had he said it was pure hard work it would have also been virtue signalling. His response is more nuanced.
End of conversation
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