It is thinking of the parents of its students, who see things like golf courses and Steinway pianos and small classes as evidence that their $50,000 is well spent. But the better answer is that Hotchkiss has simply fallen into the trap that wealthy people and wealthy institutions and wealthy countries—all Goliaths—too often fall into: the school that assumes that the kinds of things that wealth can buy always translate into real-advantage. They don’t, of course.

—Malcolm Gladwell