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Are CEOs of these companies just dumb?

Even I, a lowly mid-level IC, can put two and two together to figure out that the Covid streaming surge wasn’t going to last.

Where’s my MBA?

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They are not dumb, no. They are in role that selects for people to maximize risk where upside is high. Generally, whenever people who work really hard look flat-out dumb, one should start from a prior that one’s perspective is limited. Use curiosity.

The penalty of over hiring is less than the penalty of under hiring.

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