Unusual Suspects

"Something has changed with regard to the DNA of the tape. I’ve felt it for a few years but naturally assumed that I - not the tape - had shifted course. The notion that there was an unnatural tone to the market - an underlying tenor, if you will - felt like forced validation or post-rationalization. But still, it persisted. Internally at first and then in select circles. We used to huddle in hushed tones and talk about “the invisible hand” or the “plunge protection team.” We did so for fear of being called conspiracy theorists or, worse, unpatriotic. The thought that there was a hidden force seemed bizarre."