The last one to know

"The second kind of risk I like to call “the last one to know” risk. When I think a market is making a mistake, the first thought that comes to my mind is: “What if other people know something I don’t?” My experience has been that every investor has the same fear of being the last to know. We will see that this plays an important role in causing markets to make mistakes. It certainly makes it difficult for the average investor to play any role in correcting these same mistakes."

The last one to know