This is a textbook example of the “Era of the Ideological Investor,” where model-driven fundamental analysis becomes irrelevant once the government emerges as the largest sponsor of idiosyncratic dispersion in capital markets. The path to outperformance is no longer better spreadsheets—it is anticipation

The Ideological Investor does not abandon analysis but reorients it. Instead of treating geopolitics, technology, or culture as “externalities” to be hedged, they treat them as the primary drivers of value. This means integrating geopolitical intelligence into risk analysis, and treating AI not merely as an industry to bet on but as a structural... See more

I think the next element of it was this faith in Yale and Harvard — right? The best institutions, “the smartest people in the room.” This is what they're doing — right? “Let’s copy this. Copy the experts.” The sort of Obama-era faith in technocracy. These forces all picked up and, I think, gave rise to this private asset bubble.