If it’s that obvious, though, why does it persist? Elections might not be frequent enough to bankrupt the sources of dumb money, but why have the pros not eaten it up by now? Even if there aren’t that many of them, and despite their skills they’re not very rich yet, why haven’t the people who do have enough capital to bring the markets back to their senses got involved?
That’s a good question; I assume it’s because they don’t have enough domain expertise to make a confident judgement about the market, and they have more valuable things to do with their time than acquire that expertise.
If it’s that obvious, though, why does it persist? Elections might not be frequent enough to bankrupt the sources of dumb money, but why have the pros not eaten it up by now? Even if there aren’t that many of them, and despite their skills they’re not very rich yet, why haven’t the people who do have enough capital to bring the markets back to their senses got involved?
That’s a good question; I assume it’s because they don’t have enough domain expertise to make a confident judgement about the market, and they have more valuable things to do with their time than acquire that expertise.