You wouldn't laugh during a conference where the boss says quarterly earnings are at an all-time low but you would laugh if the boss told a funny (or at least he thinks it's funny) joke.
It wasn't just self-congratulatory laughter ata high-brow joke. (OK, maybe a little.) I also had alaughat myself: I've tried for so long to understand Philip Glass, and all it took was a one-act parody?