Meme investing has only gone and done it again, this time driving up the AMC share price to a level some might call insane. But do these meme investors understand a truth that eludes Wall Street, or are they motivated by ideology?
Francis Galton might hold the answer. Galton, who coined the phrase ‘nature or nurture', was a statistician extraordinaire, a revolutionary thinker and a slave of his time. The phrase wisdom of the crowd originates from Galton’s work. Visiting a livestock fair in 1906, Galton observed a guess the weight of the ox competition. He noticed that while no single guess was anywhere near accurate, the mean average of all the guesses was within a tiny margin of the correct answer.
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