> Contrary to popular opinion, investors are rather long sighted and forward looking Contrary to popular opinion investors are a very inhomogeneous crowd: From

> Contrary to popular opinion, investors are rather long sighted and forward looking Contrary to popular opinion investors are a very inhomogeneous crowd: From real economy investors, like the shipping company that tries to anticipate long-term global economic supply and demand patterns and orders massively expensive ships that will only be delivered years down the line, to bloomberg types or crypto speculators or HFT algos, that basically just look at financial timeseries going up or down, detached from any economic, environmental or social reality. To abuse the liquid analogy just bit more, the fluid is composed of all sorts of molecules. Heavy ones with lots of inertia but also lots of small scale noise. As things are, the incoherent noise sometimes turns coherent (hypes, manias and other delusions) and then the tail wags the dog (to finally switch metaphor :-)