Regulating the above average: Luck or skill? - Professor Michael Mainelli

It is absurd to believe that more than half of us being 'above average', yet financial service salesfolk presume that the financial world is full of geniuses who perform, on average, 'above average'; at the same time accountants assume everything can be marked to fair value. We shall seek out related fallacies and pose the question, 'Do these people lack intelligence or integrity?'