Insights
The forces. Not the headlines.
Analysis and commentary on markets, companies, and the forces that move them.
Investor Psychology & Behavior
How Herding Changed Once Information Became Abundant
Herding has always been understood as copying what other people decide. Once the supply of information vastly exceeds anyone's capacity to process it, herding changes shape. What gets copied is no longer other people's positions but their attention.
Investor Psychology & Behavior
Why Optimism Is Hardest to Recognise at the End of a Bull Market
That optimism peaks near market highs is almost self-evident in hindsight. The difficulty is that at the time, optimism never arrives dressed as optimism. It presents itself as a calm reading of the facts.