On creating a foundation: to avoid future troubles, do not appoint the beautiful and the great as trustees, because later on they will appoint their boyfriends and girlfriends to the Board. And also have term limits on trustees. (Patiently explained to me by art lawyer).
Interesting observation! Of course, trustees often are appointed for one trait. Eg one will have legal expertise, another marketing expertise, etc. This would suggest a similar problem with regression to the mean in those areas.