Jubilee Prosperity

Perhaps recognizing this, Merrill changed its ads from herds of stampeding bulls to a solitary bull standing still to survey the market terrain. His nickname was lightning.

Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one. Charles Mackay

http://en.wikipedia.org/wiki/Extraordinary_Popular_Delusions_and_the_Madness_of_Crowds

French scientist and sociologist Gustave Le Bon wrote on the unconscious aspects of crowd or herd groupthink. His work, which came to the attention of Sigmund Freud and Tavistock Clinic, was bedside reading for Mussolini and became part of Hitler’s Mein Kampf. Edward Bernays, double nephew of Sigmund Freud, and founder of Public Relations, wrote Propaganda, describing how advertising and media manipulate mass mind subconsciously.

http://en.wikipedia.org/wiki/Gustave_Le_Bon

http://en.wikipedia.org/wiki/Propaganda_book

Serious students of the market see this every day. Successful investors overcome it.

Both Arch Crawford and Bob Prechter worked with Mr Farrell at Merrill.

Both left to form their own independent advisory firms.

http://www.astromoney.com/arch.html

http://www.crawfordperspectives.com/

http://en.wikipedia.org/wiki/Robert_Prechter

Mr Prechter won the US Trading Championship in 1984 with a 444% performance.

He said later he was curled up in a foetal position most of the time going against the crowd.

His chief insight about the markets is after I decided to make markets a career; I realized that mass psychology is what they’re all about.

His more recent work expanded to Socionomics.

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