About cleverness.........................

"In the last 30 yeas the field of investment banking had been transformed from a field that was dominated by people who were good at meeting clients at the 19th hole, to people who were good at solving very difficult mathematical problems that were involved in pricing derivative securities."
-Larry Summers

      Yet these cleverer people managed things less well - much less well - than their less intellectually distinguished predecessors.  Although clever, they were rarely as clever as they thought, or sufficiently clever to handle the complexity of the environment they had created.  Perhaps the ability to meet clients at the nineteenth hole is more relevant to making good investments than the ability to solve very difficult mathematical problems.

-John Kay, as excerpted from Other People's Money:  The Real Business of Finance