When the Crowd Isn’t Wise

… After the better part of a decade in which various markets, from Intrade to the stock market, became many people’s preferred way to peer into the future, a backlash is clearly under way. Not so long ago, knowing about the existence of Intrade was a mark of being in the vanguard. Today, mocking Intrade, ideally on Twitter, is a sign of sophistication. [cont.]

David Leonhardt, New York Times