In the early 1990s, Bill Gates was asked what competitor worried him the most. Goldman Sachs, Gates answered. He explained: “Software is an IQ business. Microsoft must win the IQ war, or we won’t have a future. I don’t worry about Lotus or IBM, because the smartest guys would rather come to work for Microsoft. Our competitors for IQ are investment banks such as Goldman Sachs and Morgan Stanley.”1 Gates’s comment reflected a reality that has driven the formation of the new upper class: Over the last century, brains became much more valuable in the marketplace.
