Attitudes are sort of simplification and data compression the brain uses for drawing simple conclusions from many impressions. Experiments show that it not only takes lots of new information to change an attitude, but also a lot of time — typically at least months. However, a panicky person — a person so struck by what happens that he has a high beartbeat, sweaty palms, and acute concentration problems — can change attitudes within minutes or even seconds. When millions of investors get caught in panic, they react much faster than normal, and this creates the free fall in prices. Resistance, when this happens, is more than difficult. It’s futile.

Supertrends by Lars Tvede