wink fails at daytrading, page-78

It's an interesting idea. I think George Soros expressed something similar - it's the views of the herd that create the reality, not the fundamentals. It makes sense, after all if you surveyed investors and 80% thought the market was going to keep rising, it's impossible it will fall. I think you saw this idea reflected in small spec stocks during the bull market where they would rise relentlessly for a few months purely because everyone thought it was going to go up, even though the company was rubbish in reality. Well, investing on that basis has certainly worked for Soros anyway.