Why it’s usually crazier than you expect
An article last week referred to this as "reflexivity".* Reflexivity is a theory that positive feedback loops between expectations and economic fundamentals can cause price trends that substantially and persistently deviate from equilibrium prices.* Reflexivity’s primary proponent is George Soros, who credits it with much of his success as an investor.* Soros believes that reflexivity contradicts most of mainstream economic theory.https://www.investopedia.com/terms/r/reflexivity.asp has some additional info.I wonder if there's a way to marry "efficient market hypothesis" with "reflexivity on the edges" somehow.  Well outside my ballywick, in any event.