from August 2013

Read any business biography or "and how to use this to dominate the world" book and you'll encounter descriptions of men and women who live/work by a set of rules (or at least that's how they'll describe it). "Always hire the best talent and then figure out what you want them to do" or "Never do a deal where you expect to lose."

These same players are often champions of "rationality." They will relate stories of their own successes or the failures of others that are completely couched in terms of "how I managed to be the smart guy in that situation."

Becomes a tool to deflect and disrespect nuanced analysis (see Mannheim? on fascism?).

Similar thing is facilitated by echo chamber effect when a small circle of folks talks primarily among themselves, never having their assertions tested and challenged by folks with alternative perspectives.

Quite likely functional in certain environments. Assuming the action advocated by the aphorism is not generically stupid or harmful, consistency might beat the market often enough to be the way to go. In those environments, being more subject to the whims of the moment or the application of bad analysis to bad data might drop you below the market because it's easy to get it wrong?