Answer regarding Charlie Munger talking about why putting together team of smart people to pick out stocks failed in real world

Hello,

In this Munger talk, what is the answer regarding Charlie Munger talking about why putting together team of smart people to pick out stocks failed in real world?

https://youtu.be/NeDYnLE8iY4?t=221

I sort of get why it failed but not sure what the answer Munger was talking about at that point.