I’ve posted Entry #364 to my weekly Valuation-Informed Indexing column at the Value Walk site. It’s called How a Small Minority of Investors Controls What We All Believe About How the Stock Market Works.
Juicy Excerpt: Taleb writes: “It suffices for an intransigent minority –a certain type of intransigent minorities –to reach a minutely small level, say three or four percent of the total population, for the entire population to have to submit to their preferences. Further, an optical illusion comes with the dominance of the minority: a naive observer would be under the impression that the choices and preferences are those of the majority.”
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