Consider the following implication involving the role of social bonds and affection among group members. If strong bonds make even a single dissent less likely, the performance of groups and institutions will be impaired. ① A study of investment clubs showed that the worst-performing clubs were built on affective ties and were primarily social, while the best-performing clubs limited social connections and focused on making money. ② Dissent was far more frequent in the high-performing clubs. ③ The low performers usually voted unanimously, with little open debate. ④ As illustrated in the study, the high performers placed more importance on social bonds than the low performers, resulting in their high rate of success. ⑤ The central problem is that the voters in low-performing groups were trying to build social cohesion rather than to produce the highest returns.

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