The Ledger
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Fundamental investors drive only 10% of U.S. equity trading volume today
“When I joined SANS back in 2006, I still remember it was something like 40% of trading volumes in the U.S. At that time were still being driven by fundamental investors. If you fast forward to today, it's maybe 10% of the market that's still doing that.”
Apple's five-year stock growth was driven by valuation expansion, not earnings
“If you were to take something like Apple over the last five years, a big driver of Apple's growth has actually been valuation driven rather than earnings driven.”