This is one of the reasons why contrarian investing works...
"When people have limited information about something important -- a potential crisis in a building several stories high, a fire alarm that goes off in a crowded theater or a sudden drop in the stock market -- they use other people as guides to their own behavior. "
http://www.washingtonpost.com/wp-dyn/content/article/2007/12/16/AR2007121601472.html
Bad Ideas Can be Contagious
by Shankar Vedantam
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