“Finfluencers” like Elon Musk and Chamath Palihapitiya can set off stampedes, crushing cognitive diversity as countless people rush to emulate them. Whipping each other into a frenzy, online packs of investors hold on for dear life to fading stocks like AMC—or drive a hot stock like Palantir Technologies, up more than 140% this year, to heights that may be unsustainable. There are no barriers to entry, no way to authenticate claims of expertise, and no registry of how accurate the opinions are. That can degenerate the wisdom of the crowd into madness. The weight of an ox doesn’t change with people’s estimates of it. However, if thousands of speculators decide a stock or cryptocurrency is worth $100,000, it will skyrocket—at least temporarily—even if it’s worthless.

https://www.wsj.com/finance/investing/intelligent-investor-ben-graham-new-edition-8a984f47?st=6Lu6sV