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Demonstrates an overall movement toward mediocrity

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Reference no: EM133125638

In the early 1930s, a man named Horace Secrist wrote a book titled The Triumph of Mediocrity in Business. Secrist found that businesses that did unusually well or unusually poorly in one year tended to be nearer the average in profitability at a later year. Why is it a fallacy to say that this fact demonstrates an overall movement toward "mediocrity"?

Reference no: EM133125638

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