His point about the increase in volume leading to price discovery is laughable. More algos than ever are trading with each other on the subsecond scale but tha

His point about the increase in volume leading to price discovery is laughable. More algos than ever are trading with each other on the subsecond scale but that means nothing for long term equity values. With the rise of index tracking there are fewer than ever investors actively positioning themselves against a standard indexed allocation by picking good and selling bad stocks. Indexing is riding the boat buying everything in equal components due to market cap weight.