“They used to say about the Bourbons that they forgot nothing and they learned nothing, and I’ll say about the Wall Street people, typically, is that they learn nothing, and they forget everything.”
Benjamin Graham, 1976, Financial Analysts Journal
About 30 years ago, a study was undertaken looking at the driving habits of people in Sweden and the United States, and participants were polled specifically on how well they thought of themselves as drivers. More than 80 percent of drivers in the U.S. considered themselves above average. A similar survey taken five years later found a similar conclusion, with four out of five believing their skills exceeded that of the average driver.
A similar dynamic exists ...