“According to the academic world view that markets are efficient, only the revelation of a dramatic piece of information can cause a crash, yet in reality even the most thorough post-mortem analyses are typically inconclusive as to what this piece of information might have been. For traders and investors, the fear of a crash is a perpetual source of stress, and the onset of the event itself always ruins the lives of some of them.”

— Didier Sornette

Source: Why Stock Markets Crash - Critical Events in Complex Systems (2003), Chapter 1, Financial Crashes: What, How, Why, And When?, p. 3.

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Didier Sornette 27

French scientist 1957

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