> ...So if you need to model the market you now have to account for a very non-rational force, which is a big deal as it won't go away... Rational or non-rati

> ...So if you need to model the market you now have to account for a very non-rational force, which is a big deal as it won't go away... Rational or non-rational force is irrelevant, as long as it brings liquidity onto the market. The democratization of the market we all witnessed in the past decades injects more liquidity into the good old zero-sum play. In a somber way, it's a "savings squeeze" strategy.