Sure. In theory, investors can behave as rational actors. In practice, you get all sorts of chasing the Next Big Thing because there’s too much money flowing around to too little fundamental research.

So I’m ok if we spend $1.2M on research. That’s like 5 developers for one year who would otherwise be allocated by the invisible hand into effectively useless endeavors like high frequency trading or ad tech.

Cut to the alternative universe where they’re working at Blackrock and a car thief is driving their car away.