If you look around you and you are surrounded by a bunch of four legged critters wearing soiled sheepskin coats, you are in a herd of sheep. We happen to live next to a working farm that has 28 sheep. On occasion they tootel over to our grass field and begin to mow the lawn. I’m quite happy for them to mow it, the alternative is that I get on a tractor and have to mow it myself.

But they will be wandering about, munching on clover when one looks up, gets nervous and heads for the exit. All of a sudden you have a herd of 28 furry creatures doing the 440-yard dash. They don’t know why, they just follow the first fool. Investors are exactly the same.