Friday, May 18, 2007
Ryan Block of engadget acted on what he thought (and most bloggers agree) was a secure tip about the iPhone release schedule. It turned out to be false and before he could fix the post, Apple's lost 4billion of its market cap. It regained most of its value once people realized that the post was false but in the meantime it was a powerful demonstration of what we have become: A society that indulges in knee-jerk reactions and instantaneous gratification. Score one for the value investor.