"A field as competitive as investing can only repeatedly reward skills that are truly unique. And any skill that others can be taught is not unique, because this industry is so lucrative that thousands of people will move mountains to learn it. The extreme tails of intelligence are rewarded. But merely high intelligence rarely is because there are many so smart people chasing the same thing – outperformance – with intelligence learned from the same schools and firms. Smart is not a unique skill. That’s why so many smart people don’t outperform. "