The Market You Think You Know Died in the 1990s

November 10, 2025   |   Read Online Hey there, it's Garrett.  I spent this weekend at an Irish festival - feel fine, thanks - but came across research from Michael Howell that absolutely blew my mind. What you think you know about how markets work?  That died around 1997, and nobody told you. The Numbers That Change Everything Back in the mid-1990s when SPY launched, here's how markets worked: 80% asset allocators - People buying companies at $20, holding five years, expecting $50 based on fundamentals 10-15% leveraged players - Hedge funds playing momentum through derivatives 5-10% passive - Early ETFs just tracking indices That made sense.  Most people analyzed companies and invested based on whether businesses were good or bad. Today those percentages completely flipped: 50% passive ETFs - Buying without caring what companies do 33% leveraged players - Tripled from the 90s 20% value investors - The only ones still analyzing businesses Why Nothing Makes Sense Anymore Fifty percent of market flows go into stocks regardless of fundamentals.  If NVIDIA is 7.5% of the S&P, every ETF dollar puts 7.5 cents into NVIDIA whether it's overvalued or about to cure cancer. Click here to continue reading… "The Signal Before The Story" AMD +389% in 5 days. Tesla +155% in 4. IONQ +74% in a month. What if you could see the signal BEFORE the headlines? One TheoTRADE strategist has been quietly using a market signal that puts him 3 days ahead of every major story. This isn't charts. Not scanners. Not AI. Something different -- showing where strength forms before it's visible anywhere else. LIVE REVEAL EVENT Tuesday November 11th @ 2pm EST We've never shared this publicly. First (and possibly only) time revealed live. No chasing headlines. Just the signal before the story. CLAIM YOUR SEAT   Update your email preferences or unsubscribe here © 2025 Disclaimer: Neither TheoTrade or any of its officers, directors, employees, other personnel, representatives, agents or independent contractors is, in such capacities, a licensed financial adviser, registered investment adviser, registered broker-dealer or FINRA|SIPC|NFA-member firm. TheoTrade does not provide investment or financial advice or make investment recommendations. TheoTrade is not in the business of transacting trades, nor does TheoTrade agree to direct your brokerage accounts or give trading advice tailored to your particular situation. Nothing contained in our content constitutes a solicitation, recommendation, promotion, or endorsement of any particular security, other investment product, transaction or investment.Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time. Past Performance is not necessarily indicative of future results. PO Box 24790 Christiansted, Virgin Islands 00824, United States of America Terms of Service