The View | A 'smart bubble' of stupid geniuses has taken over the markets
Mathematics whizz-kids and economists are the new kings of Wall Street, yet the emphasis on raw intelligence risks bursting a 'smart bubble'
It seems only a generation or so ago a character in Michael Lewis' Liar's Poker could roam the pages of the book whistling a tune from The Wizard of Oz - If I Only Had A Brain.
Or think of that line spoken by Jeremy Irons in the recent movie Margin Call, based loosely on various events that occurred in the 2008 financial crisis.
Told that his investment bank has built up an excessive position in complex mortgage-backed securities, Irons, playing the chief executive of the firm, asks for an explanation of how these things work.
His trader starts speaking in investment-ese, and then is interrupted by Irons: "Speak as you might to a young child. Or a Golden Retriever. It wasn't brains that brought me here; I assure you that."
The increasing complexity of economies has been a boon for the eggheads
Brawn, grit, ruthlessness, diligence, raw ambition, vision - these and other traits used to matter enough to make up for a bit of soft-headedness.