Yeah, this is one reason why I think the outliers at state schools are undervalued. These heuristics are indirect and lead to inefficient selection, competition over the same scarce resources.

If you’re a startup there’s a strategic advantage in trying to look for talent where others aren’t and leveraging your own subject matter expertise to do so.

In moneyball the scouts selected on stupid stuff rather than on base percentage - if you know what to actually look for you can find stuff mispriced.