Want Better Markets? Try a Herfindahl Kiss
"Enough is a feast." - Buddhist Proverb While many of us are ramping up to gorge ourselves on the annual tryptophan bacchanal, perhaps lubricated by an appetizer of American football where - in the likely case of far fewer of us - we will watch my hometown Detroit Lions perform their annual holiday impersonation of a major league sports franchise, and I will watch my 91-year old father behave as if they haven't been disappointing him for lo these past 53 years since the birth of Super Bowl I. Yes, it is the holiday season again and it probably borders on being little crass to talk shop on a coveted day away from whatever salt mine in which you have chosen to toil. But then again, I thought it might prove useful to offer a short bromide to accompany whatever you are feasting on today... Concentration risk, not of positions but of the increasing dominance of tech-wielding leaders on listed market inventory, is like a locomotive with no apparent mechanism [...]