"The danger seems to come from misalignment, which is usually caused by the systematic risk associated with arcane revenue-driven production models and reward systems that obfuscate risk alignment. When reward is predicated strictly on production, qualitative metrics are compromised regardless of the ability to generate better analytics afforded by nifty new technologies. Anyone who has played golf is painfully aware that all the new innovations in club and ball technology cannot overcome operator error."
-Fred Cordova
The above quote was taken from Fred's recent New Nexus blog post about investing, cycles, technology, judgment, and a few other things. Full post is here. It is well worth the time.
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