The pandemic is not the beginning of the Chinese century. It is not the end of globalization or the return of socialism. What is starting today is a new age of technological wonder, the Great Acceleration.
Overall, small, active investment advisers have the largest influence on valuations, according to the researchers. Controlling for size, they find that hedge funds tend to be the most influential. “Per dollar of capital, they are much more influential than pension funds and insurance companies,” says Koijen.