Richard Borge’s recent piece done for the New York Times Business Day illustrates an article titled, "The Beauty Contest That’s Shaking Wall St.”  The author likens stock-picking to a beauty contest: pick the faces you think that others think that still OTHERS will think are prettiest.

Similarly in speculative markets, he said, you win not by picking the soundest investment, but by picking the investment that others, who are playing the same game, will soon bid up higher.