Luminous Landscape Forum
The Art of Photography => The Coffee Corner => Topic started by: jeremypayne on December 20, 2012, 02:37:20 pm
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There was a reference in another thread to the Greater Fool.
For the record, this was referenced improperly ... it was stated that Greater Fools "...took the unconventional road and made it work for them. When everyone looked right, they turned around and looked left. They are realists, dreamers and explorers all rolled into one."
This is not what is generally meant by the Greater Fool Theory.
The Greater Fool Theory states that it is "OK" to make a stupid investment as long as you believe there will be a "greater fool" down the road who will buy it from you at a higher price.
It has nothing to do with innovation, risk taking or thinking outside the box.
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Is that the principle behing Ebay, or whatever it's called?
Rob C
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Is that the principle behing Ebay, or whatever it's called?
Not at all.
It is the principle behind phenomena like the late 1990's internet bubble in the stock market.
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Is that the principle behing Ebay, or whatever it's called?
Rob C
That's a good one Rob! I met a photographer the other day who says he spends a lot of time on e-Bay buying cameras, and his wife spends a lot of time on e-Bay selling them.
Jim
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That's a good one Rob! I met a photographer the other day who says he spends a lot of time on e-Bay buying cameras, and his wife spends a lot of time on e-Bay selling them.
Jim
But how much time is required to spend it, a lot, or will a quick call to the pizza shop clean them out?
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But how much time is required to spend it, a lot, or will a quick call to the pizza shop clean them out?
Justin, I have re-read that several times, but I cannot work out what you are saying. Or am I just being thick? I have been working a lot of hours lately!
Jim
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Justin, I have re-read that several times, but I cannot work out what you are saying. Or am I just being thick? I have been working a lot of hours lately!
Jim
I assume that he is buying, she is selling and there is some sort of margin, well that's how I read it anyway. Curiosity led me to wonder about the scale of said margin, a shopping trip to Dubai or a dial up pizza? :)
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I assume that he is buying, she is selling and there is some sort of margin, well that's how I read it anyway. Curiosity led me to wonder about the scale of said margin, a shopping trip to Dubai or a dial up pizza? :)
Ah! No, he's a camera enthusiast and cannot help himself buying, but his wife knows they can't afford all the cameras and so sells them on. I'm not sure they actually profit from the exercise in their case.
Jim
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It is the principle behind phenomena like the late 1990's internet bubble in the stock market.
Or the latest mortgage crisis. Even the masters of the universe did not mind being foolish buying them, as they expected to sell them to the greater fool.
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Effectively, they did find a greater fool, the U.S. taxpayers!
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Effectively, they did find a greater fool, the U.S. taxpayers!
I once read somewhere: never underestimate the power of stupid people in large groups.
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Your correction is of course correct, Oscar. I guess I was just showing my parochial view.