Very interesting. It seems to me that the basic punchline of Minsky theory is "the financial system is designed to encourage momentum investing". Or maybe even

Very interesting. It seems to me that the basic punchline of Minsky theory is "the financial system is designed to encourage momentum investing". Or maybe even "everyone is a momentum investor, some just do it with extra steps". Even if you're not consciously a momentum investor, you will use or be presented with so-called "risk" metrics which are really just looking at past performance, in a way that mostly amounts to Stonk go up = "low risk" Stonk go down = "high risk" If you use such metrics, you're just a momentum investor with extra steps. And if everyone is just a momentum investor with extra steps, our markets will of course boom and bust, as a market full of momentum investors must do.