Same with the success of people going to Weight Watchers meetings and those regularly attending AA meetings:
(via https://www.fool.com/knowledge-center/lollapalooza-effect.aspx)
What Is the Lollapalooza Effect? It's not just a music festival.
Charlie Munger, an American businessman, investor, and partner of the legendary Warren Buffett, coined the term "Lollapalooza effect" during a 1995 Harvard speech, in which he reviewed numerous causes of human misjudgment. It has since become another piece of investing jargon.
So what does this term actually mean, and why is it important for investors to understand?
Definition
We humans have many inherent biases and tendencies that can sway our behavior one way or another. When several of them act in concert to drive us toward a particular action, you have a Lollapalooza effect. The Lollapalooza effect can create large-scale drivers of human behavior -- and often error.
What it means in the real world
Though the Lollapalooza effect is often shown in a bad light, it can have both positive and negative outcomes. One positive example of the Lollapalooza effect is the Alcoholics Anonymous program, which, as Munger explains, boasts a no-drinking rate of 50% in cases where all other social and health-related factors fail to motivate alcohol abusers to quit. Munger hails Alcoholics Anonymous as a clever system that makes constructive use of people's psychological tendencies. For example, one reason AA often works is people's natural tendency to imitate those around them. AA members are surrounded by people who have fought to become sober, which makes newer members more likely to follow suit.
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