{insert "self back slapping"=witty_title}

Thursday 16th May - Daily Equity Update

Did everyone keep swimming?

My intention is not for this to be some kind of victory lap. Far from it. What I want to highlight is less a comment about the present/future but something we may need to admit about the past.

The market in the past also didn’t care about fundamentals.

The people trading it did.

In the past people who did care were a larger percentage of trading volume. Meaning their view directly impacted via their actions on/in the market.

Now they are not.

Perhaps active managers will again be a dominant factor currently they are not. I think that’s it there is nothing more to add.

Think more like a computer that is 90% of daily trading volume and not like a human that is 10%.