Q. Finally, the psychological factors. A. Psychologists have been studying human behavior for a long time, and they've uncovered a lot of behavior patterns that are not perfect, not optimal. People are smart, but they are not perfect, and it helps to understand some of these anomalies. For example, one of them is overconfidence. While it's true that some people have inferiority complexes and are underconfident, more often people are overconfident - many psychological experiments show this.
People have confidence in their intuition.
They kind of think they know where the market is going. That, of course, drives the market - that very overconfidence. Another thing is attention anomalies, meaning that human attention is not applied consistently. We forget certain things and we come back to them. It's very clear that public attention is focused on the market to an extraordinary degree.