We know everyone is out there in the world speculating on what will happen to currencies, what will happen to interest rates, what will happen to futures markets, what will happen to commodity markets, and the truth is that no-one really knows. It's a very brave punter who will take a position that's different from the bulk of the field, from the majority of the field, because they may have a good win, they may be a star, but if they lose, they lose forever. So in that sense, there is a real logical tendency for a herd mentality.
Dick Bryan (political economist) interviewed in Ian Bell (ed), (1999) ‘Banking on You’, After the Golden Age: The New Capitalism in Question, Edited Transcripts and Further Reading, Radio Arts Australian Broadcasting Corporation/Department of Government, University of Sydney, Part 3.