Top Highlights

• Honesty requires skin in the game – a stake not limited to incentives or upside gains because it must include the potential for loss.
• highly educated pundits fail to see what’s obvious to the peasant on the ground, because they don’t care as much. Pundits may not suffer or may face only mild consequences for giving bad advice, while the peasant loses everything.
• those who pay the cost for choices usually understand the situation best.
• politicians and policymakers fail to make the right decisions because they have no skin in the game.
• Don’t allow “Intellectuals Yet Idiots” (IYI) who don’t have skin in the game to deceive you.