A Wealth of Common Sense · 27 October 2026 · Additional Read

Why Smart People Make Dumb Decisions

Ben Carlson

Intelligent, wealthy people are uniquely vulnerable to financial fraud and poor investment decisions due to overconfidence, personalization of past success, and blind spot bias that makes them worse at recognizing their own limitations—the Elizabeth Holmes/Theranos case exemplifies how prestigious board members and billionaire investors fell for an elaborate hoax.

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Topics: Venture Capital & Startups

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