They don't fall apart. You need to look at it as expected values. Most signals are not 100% noise, but e.g. 90% noise and 10% signal. If you have a candidate f

They don't fall apart. You need to look at it as expected values. Most signals are not 100% noise, but e.g. 90% noise and 10% signal. If you have a candidate from Harvard, it's a mixture of ALDCs and really smart people with some bias for policies like affirmative action. You might not know what you're getting, but there are odds of scoring that genius. Ditto with most other low-quality signals. And statistically, you do get someone better than a random schmuck off the street. I mean, the processes are noisy, and perhaps 10% of your workforce might make a better CEO, but you have no way of finding those 10%. (And the noisy signals problem in hiring isn't specific to CEOs).