That kind of money should be investing in cutting edge stuff. Real cutting edge stuff. Computational biology, heteromorphic computer chips of various kinds, aut

That kind of money should be investing in cutting edge stuff. Real cutting edge stuff. Computational biology, heteromorphic computer chips of various kinds, automation of the construction industry, post-capitalistic economic experiments, and a million other things I can't even think of. Instead they have tried to play it "safe" and they all propped up the same kind of investment: "the uber of ___" or the "airbnb of ___". The gains are illusory, because they've all been bidding up each other's bets, and these companies haven't created any real productivity gain. Sadly, I suspect the "dumb money" is largely your average Joe's retirement money, and it's not "dumb", there's just a lot of it, so it can't be moved out quickly without collapsing the market. Joe's going to take another big hit, but his fund manager is going to get his bonus either way. And it will keep happening, because IRAs and 401ks artificially limit what can be invested in, and because Joe doesn't have enough savings on his own to bother to manage it himself.