John T. Reed's analysis of James Surowiecki's book
The Wisdom of Crowds
(This article first appeared in Real Estate Investor's Monthly.)
Businessweek called James Surowiecki’s The Wisdom of Crowds the Best Book of the Year.
Its core observation is that, in many situations, crowds make wiser decisions than even the smartest individuals within that same crowd. Consequently, anyone who has occasions to make decisions ought to wonder if this phenomenon can be harnessed to improve their decision-making. Do real estate investors make decisions? You bet.