“Worse than socialism”(?), maybe not, but a recipe for mediocre returns with a panic washout kicker, yes. The assumption that sector fund indexing, for example, can be done neatly on an exceptionally high-volume day is probably wrong. The 1929 line “Sell? Sell to whom?” Comes to mind. (I hope some of these guys understand what a “stop loss order” is, and isn’t.)