Friday, January 30, 2026

The crowds, momentum, and risk in markets




 "These heroes of finance are like beads on a string - when one slips off, all the rest follow." - Henrik Ibsen during the early phase of the Great Depression 

An insightful comment from someone not in finance. Ibsen was mainly a playwright; however, he was aware of the goings-on in Europe and the world. We have heroes of finance, but they are not the contrarians. They are the ones leading the crowd or banging the drum to move the crowd. Everyone likes the person who reflects their thinking. I follow Bob because Bob's thinking is consistent with my view of the world. Show me the person who is thinking differently. They are the people who will move me to think better. 


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