this post was submitted on 17 Oct 2023
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Isn't this basically just how hedge funds work? Bet on someone with so much money everyone else follows suit?
The difference is that the dragon will actually be right more often than not. This would be like if a hedge fund actually worked instead of breaking average or even underperforming literally throwing darts at a board to decide whether to sell or buy.
I don't think it actually matters whether they make smart decisions or not though, they put a ton of money in and regardless everyone goes along and they make a profit from it.
They dictate the market rather than follow it
Hedge funds almost universally under-perform index funds. They don't dictate anything, they're just objectively bad at everything except marketing. They make their profits on fees they charge their investors.