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just as dripping water bores through rock, asset rotation/rebalancing gradually increases the value difference between "good" ideas and "bad" ideas (in theory)
e.g. take gamestock. the "smart" risk takers will make a lot of money. that money then 'smartly' goes into other assets. the "dumb" risk takers who don't get out in time don't have money. thus the allocation efforts over time gets "smarter"
in practice there is a lot of luck and group think involved. e.g. the musk fanatic who dropped everything and yoloed into doge the moment the first tweet dropped made the most the smart risk taking being incentivized also may just realize pumping ponzis is the "smartest" way
this is also quite rational. monopolies, scams, etc... are the lowest form of risk. if risk taking money making skill is incentivized, legal theft w/ a lot of extra steps is basically lowest risk. (b/c the black swan event of getting 'caught' can't be priced in since it's legal!)
most people who hate doge millionaires for e.g. probably *wouldn't* if they themselves were a doge millionaire.https://twitter.com/a_yawning_cat/status/1363742122675871744?s=20 …
being able to figure out a "system" that extracts value w/ minimal effort (a peter thiel style monopoly) is considered a virtue as is becoming the chosen one lottery style.
What’s “asset rotation/rebalancing”
e.g. selling stocks when they go up and buying when they down to maintain the same stock : cash ratio is portfolio rebalancing. if this happens at a macro level it can be thought of as a rotation. the cash is flowing around chasing different things
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