17 juni. Martin Wolf. Keynes for Our Times. Being wrong and alone is what gets asset managers fired.

 

At the time of writing, Elon Musk’s SpaceX is America’s fifth-biggest company, its market cap of $2.75 trillion narrowly edging Amazon.com Inc. ($2.65 trillion) into sixth place. 

It’s been trading for only three days, but will soon arrive in Nasdaq’s indexes. Even if we assume it’s sensibly valued (a heroic assumption), it poses critical problems for investors, and passive funds in particular.

Investors move ever more in crowds, out of a basic instinct for self-preservation.

Just like wildebeest on the savannah, there is more safety in the middle of the herd than as an outlier at the front or back, where they will be far more vulnerable to predators.

That tendency toward herding gnaws away further at market efficiency. 

John Authers Bloomberg June 17, 2026 

https://www.bloomberg.com/opinion/newsletters/2026-06-17/spacex-is-bad-gnus-for-passive-investing


Passive investors have 'fundamentally broken' the market, David Einhorn says. Indexfonder är en fara för aktiemarknaden och gör börsen till ”rena Solvalla”, enligt finansmannen Christer Gardell
Being wrong and alone is what gets asset managers fired.

Martin Wolf selects his best mid-year reads


https://englundmacro.blogspot.com/2026/06/martin-wolf-selects-his-best-mid-year.html


The Economist: America’s bull market has entered its manic phase

https://englundmacro.blogspot.com/2026/06/americas-bull-market-has-entered-its.html


Börsen vände upp under onsdagen och stängde på plus.
 0,2 procent.   
https://www.di.se/live/borsen-vande-upp-tungt-fall-i-noteringssuccen/



Dagen innan

https://englundmacro.blogspot.com/2026/06/16-juni-borsen-fortsatter-upp.html


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