Having dismissed fundamental analysis, Jones turned his attention to what he believed was a more profitable premise: the notion that stock prices were driven by predictable patterns in investor psychology. Money might be an abstraction, a series of numerical symbols, but it was also a medium through which greed and fear and jealousy expressed themselves; it was a barometer of crowd psychology.
It's amazing that behavioral economics was ignored or dismissed for so long. Meanwhile those that bought it made a killing off of it.
