Businesses are not dumb.
Does Advertising Even Work Any More? Of Course It Does!
Mitch Joel

I don’t disagree with your overall thesis, but this argument isn’t particularly convincing. Just because people spend a lot of money on something isn’t proof of anything but their emotional investment in that thing. See, for example, the 99.999% of people who lose the lottery. Or all of the sports team owners whose franchises fail to win. There’s a ridiculous amount of dumb money spent in the world.

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