Markets are aggregates of changing bids, offers, incentives…

Markets are aggregates of changing bids, offers, incentives, fashions, liquidity, fear, leverage, and stupidity. They do not possess wisdom, intent, or foresight.
And markets can flip faster than you can juggle. What looks dominant today can become abandoned tomorrow once incentives change, liquidity moves, or a better utility emerges.
Written by S. Tominaga