You can't judge the value of a project by how smart or hardworking the people on it are. Doing a brilliant job on something inherently futile just means you're *really good* at wasting resources.
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2.) fancier math/statistics for analyzing inadequate data is often futile. You can't detect a signal that ain't there. (Yes, mathematical innovations can expand the range of what data counts as "usable", basic point still stands.)
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3.) really good execution of a product nobody wants is the canonical example of futile efforts by smart hardworking people.
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