Weightiness of the crowd’s theme

"I have emphasized the word system because the investment theme of a crowd must always have an underlying economic logic that is easy to state and appeals to ordinary people. It is even better if the internal logic of the investment theme squares with facts people can personally experience. This system of belief must lead naturally to the conclusion that the market on which the crowd is focused will yield superior investment returns. This weightiness of the crowd’s theme is essential for it to be persuasive. It is what makes the crowd capable of attracting new members and permits the crowd to grow large enough to cause a market to make a substantial mistake."

Weightiness of the crowd’s theme