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Mike Green with Jack Farley via DeepThroat
“The most important takeaway here is that fake equity prices are systematically established in illiquid, overnight markets …. passive money, by definition, is forced to confirm the fake valuation…”
https://x.com/DeepThroatIPO/status/1820106370701574267 97 min vid
“The most important takeaway here is that fake equity prices are systematically established in illiquid, overnight markets …. passive money, by definition, is forced to confirm the fake valuation…” While that was an interesting and valid point, definitely not the most important takeaway. We have always known about illiquidity in non market trading hours, and the fact that passive follows it once markets open, was only a small part of what he was saying about the whole passive phenomena and how it has distorted and corrupted the investment markets. Thanks for posting. This was the best articulation of markets and various misconceptions about how they work that I have seen in decades. I have seen quotes attributed to a Mike Green from time to time in market related stories but don’t know if he is that Mike Green (common name) He is one smart dude and great at explaining complicated concepts. I don’t usually watch such long videos but this was well worth it.