"big change in who is setting prices in US market the last 15 years, retail investors and high-frequency quants now majority of directional trading, primarily at expense of traditional fundamental investors... new leaders are price-trend-sensitive players, who lean on momentum"
I concur
modest proposal
modest proposal22.5.2025
And I can't prove it, but I do believe the changing composition and characteristics of market participants make things much more prone to extreme trending now, in both directions
You can see the change within the HF VIP list as well
modest proposal
modest proposal3.6.2025
Comparing the top 100 funds on the HF VIP List from 2015 to 2025 is fascinating. AUM in Multi-managers and Quant each about tripled, while Traditional Discretionary fell by almost 20%. Discretionary went from 70% of AUM to 40%.
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