I’m so late to this. Noise.

www.morganstanley.com/im/publication/insights/articles/bin-there-done-that_us.pdf

This leads to the most striking finding the data revealed: the difference between superforecasters and regular forecasters is “due more to noise than bias or lack of information.” The researchers conclude that “reducing noise is roughly twice as effective as reducing bias or increasing information.”

Peter Nõu @dkmj