In his General Theory, Keynes described the process of professional investment and suggested that sucess in the field was akin to being able to pick the winner in a beauty contest. His point was that it was not enough to select the girl you yourself believe to be prettiest, nor, for that matter, the one you think the average opinion of the judges will pick as the prettiest. Rather, Keynes wrote, we have reached a third level, "where we devote our intelligences to anticipating what average opinion expects the average opinion to be."
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