- The broad averages treaded water on Wednesday while Amazon suffered a rare drubbing and some other high-fliers got marked down, probably not for long. If there were any doubts about how tightly DaBoyz have rigged the game, they should have been dispelled by the sight of money flowing out of the half-dozen institutional favorites and into Wall Street’s flotsam. The dogs had their day, marking time when it would have been more natural for them to move lower in sympathy with the FAANGs.
It’s a mystery to me how portfolio managers wake up each morning, all of them trained on the same objective. Does some sort of telepathic signal go out to them, like a silent instruction to cockroaches concerning the location of a rotting piece of meat? Or is it more like quantum physics? Subatomic particles at opposite ends of the universe are thought by scientists to react simultaneously to certain stimuli, with no lag. Whatever the case, somehow these guys seem to know what all their colleagues are planning to do on a given day. I use the word “colleagues” rather than “competitors” because, really, how competitive can the game be when most portfolio managers most of the time are heedlessly throwing Other People’s Money at the same handful of stocks?