Good point John. We’ve seen it all before. remember in the tech bubble in 1999 or so when New York city cab drivers were making more money day-trading from their cab between fares than actually taking passengers?
Of course from one point of view it could be they were actually doing the rational thing - as the market was rising irrationally, there was no rational sense in trying to rationalise the fundamentals behind the price rises, so just ride the momentum. The big problem came when they had no exit strategy to stop trading. They didn’t have an exit plan because they weren’t actually trading - ironically you could say they were just along for the ride…