The algos being talked about here do not add true liquidity. The fact that over 2/3 of investable wealth is parked in passive funds would suggest there’s not a

The algos being talked about here do not add true liquidity. The fact that over 2/3 of investable wealth is parked in passive funds would suggest there’s not a lot of trading being done (2020 craze excepted). Therefore, what’s happened in the past decade is artificial liquidity with very sharp unexpected moves. Some of the biggest algos I’ve seen proliferate and capture exactly this phenomenon. Started in 2015 with year ends being targeted (see 2018, 2019 and 2020). Of course, the pandemic unleashed a different beast altogether.