Like Christopher Columbus, Macquarie "Discovers" Herding

It is sometimes funny when traditional such as Macquarie look at herding stock market behavior and act as if they were Christopher Columbus discovering new concepts. Just like Columbus might not have been the first to “discover” America — that point has been in dispute, particularly among native Americans — practitioners in managed futures CTA strategies might look at a recent presentation delivered by Macquarie Research on the impact of herding on stock prices and think this is like a course in Momentum 101. [dalio]   Both human and technical factors surrounding “herding” effect It is sometimes difficult, if not impossible,…