"An investment theme begins to attract adherents as its true believers publicize their views and as the market price continues to move in the direction they forecast. This is the beginning of an information cascade. Newcomers are persuaded by the arguments of the true believers to ignore their own information (if they have any) and accept the information upon which the cascade builds. The mental unity of the crowd begins its development in this way. But there is much more to a crowd’s mental unity than simply its investment theme."
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