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With apologies to Janet Malcolm, every investor who is not too stupid or full of themselves to notice what is going on knows that what they do isn’t exactly rational. That’s why stories matter so much to investors.
Money doesn’t behave in the same predictable way that, say, a rocket behaves. It doesn’t matter much whether you think the rocket will go up. The rocket goes if the physics is right, and it doesn’t if the physics is wrong. Money, being a human construct, functions in a much weirder way: it only works if we all agree it works. And when it comes to investment, that…
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