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Now, let's get something straight. Is it true that the world's best 1,600 undergrads for a given year are all sitting in Harvard's seats? Absolutely not. Many of the world's best young people may not know that Harvard's financial aid policy means anyone who gains admissions can get enough funding to be able to attend. Many would never have considered applying. Many more may not have the opportunity to attend college because they have to financially support their family (which says reams about their character).

Regardless, the market is an efficient sorting mechanism that doesn't try to get everything right but get it approximately right. On average, will a Yale Law graduate be a fantastic lawyer? Probably, yes. On average, will an MIT artificial intelligence PhD be able to convince the public of the importance of some new data privacy laws over your average Joe? Probably, yes. On average, will a Stanford undergrad seem like the kind of person who could be the next unicorn founder in Silicon Valley? You bet (thanks Evan Spiegel!ssss1).

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