S&P 500 ETF is a memecoin

price goes up

not because the fundamentals of companies in it improve

but because its the current meme to park your money in it and price goes up - more and more passive retail investors means price goes up

this is why active managers can’t beat it

problem: memecoins are reflexive up and down

Building Larry, FOSS via @frames, @framesfun /open-frames to help decentralized social win. a16z CSX23. farcasterchannels.com farcaster.id

john c bogle is to the s&p as murad is to memes