Toby Stuart

It's never ending two way street.

So it's in constant motion.

And there's another general point that comes out of that.

So status is a funny resource because you give it away, but it doesn't necessarily deplete.

Most resources, if you have them and you give them to somebody else, then you no longer have them.

Like you changed possession, right?

I mean, you had something and then you gave it away and now you don't.

But if you take UCLA, when UCLA graduates a class, they print a whole bunch of degrees.

And when they print those degrees, they give status to the graduates.

But it isn't like depleting their supply.

And then they go out and now you have like a UCLA grad with this huge podcast and now that elevates the status of the school.

But you see, though, you have to be a little bit careful in selection because if UCLA sort of randomly chose people and there were lots of poor outcomes, things would work a little bit different.

There's the hot restaurant in Hollywood.

Well, why is it hot?

It's because the right people are there.

But why are the right people there?

Well, because it's the hot restaurant.

Exactly.

So you have this...

virtuous cycle when the high status interconnect with the high status.