Almost every time I see a report on how a company’s stock is doing, or why the price did whatever it just did, I become more and more convinced that there’s no actual rational behavior or logic going on in stock trading anymore. Companies will report a great quarter and the price will tank. A company will announce plans to expand as well as what they did to complete that plan, and the stock price will drop because they had a large expense that quarter. It used to be that it was considered good advice to have a lot of your stock portfolio consist of “blue chip” stocks – the price would be largely stable and they paid dividends regularly. Now everyone wants to get in on “unicorns” (startups valued at over $1 billion dollars, which is generally insane to begin with), or focus on high growth stocks, with an insistence that they always be high-growth stocks. More and more I’ve become convinced that the stock market is largely a BS engine driven more by hype than actual economics.