I present closed-form solutions for prices, portfolios, and beliefs in a model where four types of investors trade assets over time: naive investors who learn via a social network, “fanatics” possibly spreading fake news, and rational short- and long-term investors. I show that fanatic and rational views dominate over time, and their relative importance depends on their following by influencers. Securities markets exhibit social network spillovers, large effects of influencers and thought leaders, bubbles, bursts of high volume, price momentum, fundamental momentum, and reversal. The model sheds new light on the GameStop event, historical bubbles, and asset markets more generally.

我在一个模型中提出了价格、投资组合和信念的封闭式解决方案，其中四种类型的投资者随着时间的推移交易资产：通过社交网络学习的天真投资者，可能散布假新闻的“狂热分子”，以及理性的短期和长期投资者。长期投资者。我表明，随着时间的推移，狂热和理性的观点占主导地位，它们的相对重要性取决于影响者对它们的追随。证券市场表现出社交网络溢出、影响者和思想领袖的巨大影响、泡沫、大量爆发、价格动能、基本面动能和逆转。该模型更广泛地揭示了 GameStop 事件、历史泡沫和资产市场。