Some thoughts on copycats?
1. This bull market is dominated by Wall Street. The passage of ETFs is the biggest black swan for copycats. Institutional funds do not recognize copycats.
2. The market value of copycats remains at a historical high.
3. Compared with the previous bull market, the market value of new varieties has generally increased from tens of millions to hundreds of millions, or even 1 billion US dollars, but the incremental funds in the market are relatively limited. Moreover, these new varieties are also accompanied by a large number of unlocking phenomena.
4. The intervention of institutions makes the entire market more rational.
In short, after the big wash, there will be copycat bulls in the sector, high-quality copycats will be favored, and some copycats will decline or gradually return to zero.
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