Herd mentality hurts everyone. Always. By only allowing yourself to think one way or follow a group, it removes the premise of any critical thinking and consequently the possibility of different outcomes. This can be combated with 10th Man Theory.
The author Max Brooks establishes something called the 10th Man Theory in his book World War Z. In the book, this theory is used by the Israelis when deciding what to do with information they received about "zombies". Nine of the men analyzing this situation all decided that there is no way there could be zombies. Since they all agreed, it is the duty of the 10th man to automatically disagree and consider all alternatives, no matter how unlikely they may be.
10th Man Theory can be applied to all aspects of life, even investing. If everyone is saying that a particular project is going to go up or a group is "guaranteeing" that a price target will strike, be careful not to use these statements to confirm your own biases. Confirmation bias can be dangerous as it reinforces beliefs on the premise that others agree with you, so you must be right. That is dangerous thinking.
Do everyone a favor and starting thinking like the 10th man. Be the devil's advocate. It will allow you to see the bigger picture, consider all alternatives and existing options, and will undoubtedly over time lead to more positive results.
Don't fall prey to the enemy of unchallenged assumptions. Take the road less traveled, challenge traditional thinking and humanity will, over time, thank you for it.
