Offline, it takes time to figure out who the liars and idiots are and cross them off your list. Online, there's no place for them to hide.
Mark Frauenfelder in "Revenge of the Know-It-Alls" from Wired (July 2000)Conventional wisdom interprets the stock market as reacting to new era theories. In fact, it appears that the stock market often creates new era theories, as reporters scramble to justify stock market price moves. The situation reminds one of a Ouija board, in which players are encouraged to interpret the meaning of movements in their trembling hands and to distill forecasts from them. Or the stock market is seen as an oracle, issuing mysterious and meaningless pronouncements, which we then ask our leaders to interpret, mistakenly investing their interpretations with authority.
Robert J. Shiller in Irrational Exuberance
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