This is systematic semi-blind guessing at what other people will guess in the future are good investments. It sprays investment capital equally at companies that are not in any way equivalent. Hypothetically, just because two companies both have names that begin with "Z" and sell product on Amazon, that is not an investment thesis for treating them alike. Treating them alike is a recipe for misallocation of capital, in the long run, which is what it seems sometimes we have in this economy in spades.