The Stock Market Is a Complex, Adaptive System With Feedback

The stock market is a complex, adaptive system with feedback. The reason it clears most of the time is because people have very different expectations and desires from participating in the stock market. That changes when feedback turns into what i call an information cascade. And that information ca askade is mymetically so powerful that people's opinions become homogeneous. I think that when that happens, you're talking about the end of a bubble or the beginning of bad things.