The Wisdom of Crowds

By Niels Jensen
The Absolute Return Letter, June 2013

“Those who have knowledge don’t predict. Those who predict don’t have knowledge.”
Lao Tzu, Chinese philosopher, 6th century BC

Several years ago, off-duty airline pilot Robert Thompson walked into a convenience store somewhere in the United States; however, having just entered the store, he turned around and left again without buying anything because, as he would later testify, something about the place spooked him. Was it the custome...


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