Technologos comments on High Status and Stupidity: Why? - Less Wrong
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I propose a further hypothesis: high-status people have internalized Laws 4, 5, and 46 of the 48 Laws of Power, but especially Law 1: Never Outshine the Master.
After years of practice in switching between seeming competent relative to underlings and less so relative to superiors, they develop the ability to segregate audiences as you described.