Such a belief was not grounded in data to begin with. Like a religion, its based in faith. Humans are tricky, emotion and vibe driven; suboptimal mental models die hard.
Older folks benefited from a golden period in macro history that will not repeat. They were born at the right time, acquired assets at the right time, and had little job competition with great comp and working arrangements. We are in a different macro now.
https://blogs.scientificamerican.com/beautiful-minds/the-rol... ("The Role of Luck in Life Success Is Far Greater Than We Realized")
https://www.technologyreview.com/2018/03/01/144958/if-youre-... | Ref: https://arxiv.org/abs/1802.07068 ("Talent vs. Luck: The Role of Randomness in Success and Failure")
https://www.pbs.org/newshour/economy/making-sense/analysis-i... ("Analysis: If you’re rich, you’re more lucky than smart. And there’s math to prove it")
https://www.marketwatch.com/story/when-you-realize-how-much-... ("When you realize how much luck goes into investing, you might change your methods")
bediger4000•39m ago
That's a little odd, given the abrupt reversals of policy preferences we've all seen since 2017. "Law and order", free trade, free markets, low tariffs, personal responsibility, judicial restraint, checks and balances, the importance of character, all at least tacitly abandoned.
JohnFen•6m ago