Call them mimetic stocks, not meme stocks

The stock market is not irrational, it is mimetic.

What we now see clearly happening in a few special assets, termed "meme" stocks, is merely an amplification of what has always happened in the stock market: price action matters because it is, above all, a reflection of what other people want; and what other people want affects what other people want. And that is a product of mimesis, not memes.  The great social theorist René Girard (1923-2015) speaks prophetically to us from beyond the grave in the writings he left behind. His central discovery was mimetic desire: the idea that people desire things mimetically - that is, imitatively - ...