Smart / Stupid is irrelevant. Just assume both groups are equal except that one group is forced to take more on risk. Also, assume that higher risk results in

Smart / Stupid is irrelevant. Just assume both groups are equal except that one group is forced to take more on risk. Also, assume that higher risk results in more variance. More of the riskier group will end up on the far ends of the curve. Now, what happens if the riskier group's left side of the curve is ignored?