Madness is the exception in individuals but the rule in groups.
The more fact, information, and history an expert knows, the more likely he is to have pet theories and to have developed complex chain of causation in making a prediction. This is why experts fail to outpredict nonexperts.
The idea of the wisdom of crowds is not a group will always give you the right answer but that on average it will consistently come up with a better answer than any individual could provide.
This is not to claim that the stock market is all wise or cannot make mistakes or in the short-term misjudge events. I am saying that in general its judgement is good and worth paying attention to.
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