Luck Run Amok—Part 1

The Top 1%

An advice columnist once wrote that, “Nothing shocks me anymore, especially when I know that 50% of the doctors who practice medicine graduated in the bottom half of their class.” This is like one of the Yogisms uttered by former Yankees catcher and manager Yogi Berra: “It ain’t over till it’s over; ” “You wouldn’t have won if we’d beaten you;” and “I knew the record would stand until it was broken.” Yogi’s observations are all true, meaningless, and funny because they are true and meaningless—just like 50% of doctors being in the bottom half of their class.

No matter what, 50% of all doctors, dentists, and dancers are in the bottom half of their class. That statistical fact doesn’t tell us anything at all about whether those in the bottom half are competent or incompetent, or whether they are significantly less competent than the above-average doctors.

It is the same with people who are in the top 1% in income or wealth. There is always a top 1%. The top 1% are only interesting to the extent that they are unlike the other 99%. As it turns out, they are different.