Transcription
There's a very useful um distinction which can be useful in, for example, investor behavior. It can be useful in understanding all kinds of things, which is a lot of behaviors are microrational but macro stupid. So it's an intelligent thing to do from your own point of view.
Yeah.
Except at the point when other people start trying to do exactly the same thing.
Yeah.
You know, I would argue in a lot of online performance advertising is of that kind. It's microrational but macro stupid in the sense that effectively, instead of working out a way to avoid giving half your revenue to Meta and Alphabet, people are basically so fixated on this channel that what they're all doing is trying to give slightly less of their money.
Yeah.
Okay. Or, or to give their money in a slightly more efficient way. And so it's what you might call that form of hypercompetition where it seems rational to compete. But if you take a step back, you'll you can simply say, actually, the prize isn't worth the price.
Yeah.
And I think that, you know, there is undoubtedly a human urge. Obviously, we're highly comparative in our perception. And the first benchmark we'll use for our own success is other people.
Yeah.
But what you don't realize while you're doing that is you're effectively allowing someone else to define what it means to be successful, happy, or whatever it may.