Flocks and Hordes

Where do trends come from?

“No matter what the models say, traders are not machines guided by silicon chips; they are impressionable and imitative; they run in flocks and retreat in hordes.”
Roger Lowenstein
When Genius Failed: The Rise and Fall of Long-Term Capital Management

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You might like my 2017 epic release: Trend Following: How to Make a Fortune in Bull, Bear and Black Swan Markets (Fifth Edition). Revised and extended with twice as much content.