1. Price discovery happens at the edges. You only need a few folks out there making trades for it to happen. Further, if prices do become out of whack with real

1. Price discovery happens at the edges. You only need a few folks out there making trades for it to happen. Further, if prices do become out of whack with reality, hot shots (or people who perceive themselves as hot shots) will go in to take advantage of the spread. * https://en.wikipedia.org/wiki/Grossman-Stiglitz_Paradox https://en.wikipedia.org/wiki/Grossman-Stiglitz_Paradox 2. The last few episodes of market drama have shown few outflows out of index funds, and probably general net inflows. The folks using them are generally doing a set-and-forget strategy and won't be looking at headlines too much. Certainly less than the average gamified Robinhood account.