Max wrote:
t's called the genius of capitalism. There's a great quote from Keynes, I don't have it at hand, business investment is one big crap shoot (words to that effect).
The most relevant quote has to do with the rationality of the "vast majority" of financial market participants:
"The vast majority of those who are concerned with the buying and selling of securities know almost nothing whatever about what they are doing. They do not possess even the rudiments of what is required for a valid judgment, and are the prey of hopes and fears easily aroused by transient events and as easily dispelled. This is one of the odd characteristics of the capitalist system under which we live, which, when we are dealing with the real world, is not to be overlooked. (VI p. 323)
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