Core Viewpoint - The current market environment is characterized by pockets of irrational exuberance, driven by non-fundamental investors, which presents opportunities for skilled stock pickers [1][2]. Market Participants - There is a shift in market participants, with fewer fundamental investors and an increase in high-frequency traders and retail investors, contributing to the creation of these pockets of irrational exuberance [2][3]. Performance of Stocks - Price-following strategies and unprofitable companies are performing well, while dividend-paying stocks and Minvall are underperforming, indicating a divergence in stock performance [3]. Historical Context - The concept of irrational exuberance has historical roots dating back to the mid-1990s, raising questions about its relevance to current market conditions and future projections [4]. Stock Picking Environment - The current market is viewed as favorable for stock picking due to the presence of mispricings, contrasting with the late 1990s when the market was less stable [5].

Researchers say mispricings on Polymarket let traders lock in guaranteed profits—and the same could be happening across other event-betting platforms. https://t.co/ozgI0ycrVp ...

A major pension overhaul in the Netherlands is fueling a “mispricing” in German bonds that a top hedge fund says it’s looking to exploit https://t.co/S3iZ3s6EIJ ...

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