The Herd Instinct

History does repeat, mainly because the passions of man never change. The way markets really function is that they've launched all sorts of investigations every time there's a crash. It's not that somebody comes in and is some huge short player and forces the market down. They've never been able to find such a person since every investigation since 19 o seven. Thereis definitely a herd instinct. A, i would say what i've learned over the years is that if you put, i don't care who it is, it's like an animal. You corner, it will defend itselfo, we are the same way.