They had not known much about the countries (or projects) they invested in to start with, so there was lots of opportunity for them to shift between exuberance and deep pessimism, either based on a modest accretion of news on fundamentals or, more likely, on the basis of what their colleagues in the market were doing.
012234  567896 9 7    7     ^ wx g  5 2 176721 1 3 9176721 1 525 ) 1  562 1 21 6 7 1 252 7 1 5 0 5 258721 1 : 7 6 21 05255 57 62 6 7'18 51 1 1 57 7 7 85 5 # 1 625721 7  2 5 5895 6 1 5621  7 51 1 23 28 7 7 5  2 1 77 956   5 1 61 7  958 6 5 5 656 1  $ 6287  3  41 3   31 0  3 14 92&.1'  41 9 ) 3 923931 9 41  ' 21 923931 834+3 4  9  49   3 331 418  3 92 423 &.=' 929  3349    331 31 8 08 8031 431 38   49 41809 3931 89  929 +2 3 89 3 41 3 331 9 9 4  $ 89 3031  3931 323 &00' 9  31 15 9 *8  1 3  418 89  75   3 0 75  5 5 5 >088  E4 5 07 5 8578BD9  42  2  424 4512 $  %&'()*+,&'  54 4 545  9 21    81146 4 b !