The single point of failure here is the generalization of the power law as a universal explanatory framework.
Test this: extreme returns are often a symptom of information asymmetry or regulatory capture, not just better decision-making.
In Singapore, privileged access to certain Asian markets or the flexibility offered by the MAS can generate asymmetric returns far beyond mere decision quality.
Ignoring fiscal incentives for family offices or regional free trade agreements, relying solely on the power law, would cause crucial arbitrage opportunities to be missed.