Meme investors in AMC are driven by ideology, will it end in tears?

Meme investing has only gone and done it again, this time driving up the AMC share price to a level some might call insane. But do these meme investors understand a truth that eludes Wall Street, or are they motivated by ideology?

Francis Galton might hold the answer. Galton, who coined the phrase ‘nature or nurture', was a statistician extraordinaire, a revolutionary thinker and a slave of his time. The phrase wisdom of the crowd originates from Galton’s work. Visiting a livestock fair in 1906, Galton observed a guess the weight of the ox competition. He noticed that while no single guess was anywhere near accurate, the mean average of all the guesses was within a tiny margin of the correct answer.