[zuzun]

This reminds me of a paper I read in the Quantitative Finance section on arXiv.org, in which the author claimed stock markets are being manipulated by big portfolio owners, because the gains happen overnight, while the intraday returns are negative. I'm not endorsing this idea, but I consider it a fun conspiracy theory and maybe it's a good time to throw this into the discussion here.

https://arxiv.org/abs/1912.01708

[raincom]

Even if whatever this paper suggests is true, it won't contribute that much to the inflation of stocks. In this bull run, index funds have performed better than hedge funds. As long as the majority of investors (in terms of their aggregate holds) agree that the price of equities is fair, the ride will continue.