Only the depth of their competence goes unmentioned. That is unchallenged. And, of course, these advisers act on their expectations. The expectations, in turn, set the price of the particular security or securities. If the view is generally favorable, this justifies the action that justifies the expectations.
Prices go up.
This attracts further attention. The process continues. Financial genius is a rising market, achieved by expectations of a rising market. Genius, as always, dissolves when there comes an end to illusion, and with the general rush to get out. Joseph Schumpeter, an economist of impeccably conservative credentials, thought these recurrent episodes greatly desirable.