The distinction between flows and stocks is critical to understanding the impact of crowd effects on elections: crowd-watching-the-crowd effects are primarily flow phenomena (marginal impacts) rather than stock phenomena (underlying levels), which means they have less impact on outcomes than baseline voter alignment.

definitionpending

Speaker

Ben Hunt

Evidence Quote

the crowd watching the crowd effect is very much a flow thing as opposed to a stock thing which will be familiar to a lot of people on this on on this call

Source

Making Sense of Markets in a Post Election World | Grant Wiliams and Ben HuntExcess Returns
Created: 8/11/2026, 7:30:05 AM

My Notes

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