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发帖数: 442 | 1 巨额dumb money从equity mutual funds流出(光上周一周就流出400亿美元）
所以smart money就木有太多群众可以玩了
所以smart money只好自娱自乐，大涨大跌，哗众取宠
特别是high frequency trader把股市搞成赌场，越来越efficient.efficient到了只能用chaos theory来解释的地步。特别是，现在butterfly有比较多，所以butterfly effect导致风向完全木有办法预测。股市涨跌取决于有多少台电脑在用类似的算法trading.
journal of finance有一篇文章对algorithmic trading高唱赞歌，说For large stocks in particular, algorithmic trading narrows spreads, reduces adverse selection, and reduces trade-related price discovery. The findings indicate that algorithmic trading improves liquidity and enhances the informativeness of quotes.(www.afajof.org/afa/forthcoming/6130p.pdf)
等dumb money都出来鸟，大家就慢慢适应这个new normal:high volatility will become the norm of stock markets. |
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