That boils down to the efficient markets claim. Unfortunately we've seen a lot of counterexamples for that. As just one popular example, Wall Street - the people that, among others, underwrite tech IPOs that go on to pop 50% and 100% - is profitable in the long term for people in the front office, and buddy-based for people in the front office. Would you say most people's buddies there are "good"?
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That boils down to the efficient markets claim. Unfortunately we've seen a lot of counterexamples for that. As just one popular example, Wall Street - the people that, among others, underwrite tech IPOs that go on to pop 50% and 100% - is profitable in the long term for people in the front office, and buddy-based for people in the front office. Would you say most people's buddies there are "good"?