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A PERFECT EXPLANATION FOR THE COLLECTIVE MADNESS OF CROWDS

All I can say about the following is WOW, talk about THE perfect explanation for the reason behind unreasonable and illogical crowded moves in the stock market…

The most striking peculiarity presented by a psychological crowd is the
following: Whoever be the individuals that compose it, however like or unlike
be their mode of life, their occupations, their character, or their intelligence,
the fact that they have been transformed into a crowd puts them in possession
of a sort of collective mind which makes them feel, think, and act in a manner
quite different from that in which each individual of them would feel, think,
and act were he in a state of isolation. There are certain ideas and feelings
which do not come into being, or do not transform themselves into acts except
in the case of individuals forming a crowd. The psychological crowd is a
provisional being formed of heterogeneous elements, which for a moment are
combined, exactly as the cells which constitute a living body form by their
reunion a new being which displays characteristics very different from those
possessed by each of the cells singly.

…and it was written by a psychologist in 1896!

Anyone care to guess who it is? And it is not Charles Mackay.

THE COLLECTIVE MADNESS OF CROWDS

All I can say about the following is WOW, talk about THE perfect explanation for the reason behind unreasonable and illogical crowded moves in the stock market…

The most striking peculiarity presented by a psychological crowd is the following: Whoever be the individuals that compose it, however like or unlike be their mode of life, their occupations, their character, or their intelligence,the fact that they have been transformed into a crowd puts them in possession of a sort of collective mind which makes them feel, think, and act in a manner quite different from that in which each individual of them would feel, think,and act were he in a state of isolation. There are certain ideas and feelings
which do not come into being, or do not transform themselves into acts except in the case of individuals forming a crowd. The psychological crowd is a provisional being formed of heterogeneous elements, which for a moment are combined, exactly as the cells which constitute a living body form by their reunion a new being which displays characteristics very different from those possessed by each of the cells singly.

…and it was written by a psychologist in 1896!