To mistake regression for a real force that causes talent or quality to dissipate over time, as so many have, is to commit what has been called Galton’s fallacy. In 1933, a Northwestern University professor named Horace Secrist produced a book-length example of the fallacy in The Triumph of Mediocrity in Business, in which he argued that since highly profitable firms tend to become less profitable and highly unprofitable ones tend to become less unprofitable, all firms will soon be mediocre. A few decades ago, the Israeli Air Force came to the conclusion that blame must be more effective than
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