집단이성으로서의 주식시장

The only one who is wiser than anyone is everyone.
-Napoleon Bonaparte-

Madness is the exception in individuals but the rule in groups.
-Friedrich Nietzsche-

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.
-Philip Tetlock-

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.
-Barton Biggs-

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