For parts of the hedge-fund industry, it’s an existential crisis. For old-school investors who preach discipline and doing your homework before hitting “buy”, it’s a horror story they expect will end terribly. It’s at least part of the reason the entire US stock market tanked on Wednesday (Jan 27).
Everything started innocently enough, way back in 2019, with people on message boards swapping ideas about a left-for-dead chain of mall stores.
Now it’s much bigger: for pundits prone to the dramatic, a David-versus-Goliath parable for the age of wealth inequality. This is perhaps a vestigial legacy of Trumpism and the populist backlash against “the elites”
