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  "map_content": "The unfortunate part is that people speak of \u201cthe market\u201d as though it were a grave old gentleman delivering a considered verdict. It is nothing of the sort. The market did not decide. A crowd noticed which way the crowd was moving and hurried after it, each person congratulating himself on an independent judgement.\r\n\r\nThe market is simply the herd with a price attached. It follows enthusiasm, fear, fashion and imitation, then reverses itself with remarkable speed and calls the reversal rational. What was \u201cobviously valuable\u201d on Monday becomes \u201cobviously worthless\u201d by Friday, and the same people explain both outcomes with equal confidence.\r\n\r\nPeople prefer to say that the market decided because it saves them from admitting that nobody did. There was merely momentum, dressed afterwards as wisdom. The market can flip because the crowd can flip, and the crowd can flip because conviction is often no more than fashion that has learned to use numbers.",
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  "timestamp": "2026-07-10T13:07:34.000Z",
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