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How The "Perverse Economic Effects Created By ETFs" Are Setting Up The Next Crash

One of our favorite topics over the years has been observing the inversion of fundamental cause and effective, or rather, the reflexivity of synthetic, "passive" products such as ETFs and VIX, which in a normal world are driven by the value of their underlying securities, yet which in recent years have seen the direction of causality inverted, and where it is the value of the synthetic product that inluences the market price of its underlying constituents, or said simply, the "tail wags the dog.
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