Beyond the Echo Chamber
Highlights
- When the information from outside sources (such as magazines, TV, and radio) became too similar, we observed, social trading became reliably unprofitable. In such circumstances, not only does groupthink not pay, but betting against groupthink becomes a great trading strategy. (View Highlight)
- DECISIONS DON'T happen in a vacuum; the best ones rarely come from deep pondering in isolation. They happen when people learn from and draw on the experiences of others. In this process, success depends greatly on the quality of social exploration -- and on whether your information and sources of ideas are diverse and independent. (View Highlight)