The undeclared driver here is . Executive pay is tied to stock price. Therefore, executives have a direct financial incentive to use corporate debt (tax-free) to buy back shares rather than invest in risky long-term growth. This has been the single largest source of demand for US equities for the last decade. It is a secret because no CEO will admit, "We have no growth ideas, so we are just shrinking the pie to make our slices look bigger."
Wall Street institutions routinely route large blocks of institutional orders through private venues known as dark pools. the undeclared secrets that drive the stock market upd
The stock market is not a weighing machine (Ben Graham), nor a voting machine (Keynes). It is a fan fiction machine . It goes up when the collective imagination dreams big enough, long enough, to convince the next buyer to pay more. The undeclared driver here is