I'm starting to believe this is how all of these IPOs are getting funded. No sane dilligent investor would be willingly investing in these stocks. Almost entire funding therefore must come from indices which in turn are funded by unsuspecting 401K, state pension funds, educational endowments like accounts. There was a book called Modern Tycoons which had term for these accounts, something like "global river of money". Given how indices are now leveraged for automated funding of IPOs, we would soon be back to stock cherry picking it seems.