"Affirmation and repetition build the mental unity of an investment crowd. As the crowd’s mental unity develops, members of the crowd begin to resemble one another in their preferences, beliefs, and actions. Crowd members sense an increase in the power of the crowd, and this encourages each of them to be more of a risk taker. Of course what an outsider would identify as a riskier investment stance the crowd members see as very safe, almost a sure thing. Crowd members give little thought to the consequences of being wrong. Such a discussion would not be sanctioned by the crowd, and doubters would be cast to the crowd’s fringes or expelled."
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