Reading coverage of this year's Scripps National Spelling Bee in the U.S., I was struck by how neatly the evolution of this Super Bowl of spelling seems to align with the concepts put forth by Michael Mauboussin and co-author Dan Callahan in "Alpha and the Paradox of Skill."[1] In this paper, the authors state that:
In many competitive interactions it is the relative level of skill that matters, not the absolute level of skill. In many fields, including investing, the dispersion of skill is shrinking, which leaves more to luck.
They go on to frame this concept using a familiar example from the world of sports:
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