In my business, good ideas start with the smartest people who at that moment, also happen to have access to the most salient information. (In my space we say "the lowest cost of information", but it means basically the same thing.) The next group who 'get' that very same idea are the smart people with slightly less information... then average people with less info access... then slightly below average people with average access and down and down etc. Eventually, everyone gets that idea. But by the time that happens - when the cabbies and shoe shine guys are telling you to buy a stock - it's almost certainly time for you to sell it to them. This isn't a new idea. This story has been around for ages.
But I find it's the same way with ideas outside of the markets too. My experience is that stupid people tend to adopt the habits of people they think are smarter than them. Often they don't realize they're doing it. Even more often they don't realize that the people around them are smarter than they are. But I find the message gets there somehow (maybe by osmosis) far more than you would suspect.
Which is why I find this 2008 story fascinating. These are mugshots, and are therefore arguably photos of some of the country's stupidest residents. I say this not pertaining to their race (which is mixed) but only because they have been both stupid enough to commit a crime, and stupid enough to get caught doing it. And I think that makes their choice of fashion particularly interesting.
I know it's an older story, but I think it will play a part in this year's election. If all the stupidest people you know plan to vote one way, and all the smartest another, I think the influence will be felt.
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