I know you're sceptical but I think the real answer why no meaningful correction or mean reversion has happened is because there's no meaningful active management any more. The market is passive flow driven. Mike Green is right. It's not more complicated than that. Markets will continue to levitate and/or rise indefinitely until the passive flows reverse. You can layer any thesis you like over the top of this dynamic but it's irrelevant.
I know you're sceptical but I think the real answer why no meaningful correction or mean reversion has happened is because there's no meaningful active management any more. The market is passive flow driven. Mike Green is right. It's not more complicated than that. Markets will continue to levitate and/or rise indefinitely until the passive flows reverse. You can layer any thesis you like over the top of this dynamic but it's irrelevant.
you may well be correct on this. it certainly is a strong thesis
Interesting read (as always). How would you be playing the wafer business (i.e. what stocks or other angles)?
Sumco and Siltronics.... both just broke out