Finally, the illusions of validity and skill are supported by a powerful professional culture. We know that people can maintain an unshakeable faith in any proposition, however absurd, when they are sustained by a community of like-minded believers. Given the professional culture of the financial community, it is not surprising that large numbers of individuals in that world believe themselves to be among the chosen few who can do what they believe others cannot.
Through some combination of culture and biology, our minds are intuitively receptive to religion.
The illusion of skill is not only an individual aberration; it is deeply ingrained in the culture of the [investment management] industry.
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