Based on your financial expertise, provide your response or viewpoint on the given financial question or topic. The response format is open.

Stock market vs. baseball card trading analogy
The Bobs tend to show up at the top of bubbles, then disappear soon after. For example, your next door neighbor who talks about Oracle in 1999, even though he doesn't know what Oracle does for a living. I don't think the Bobs' assets represent a large chunk of the market's value.  A better analogy would be a spectrum of characters, each with different time horizons. Everyone from the high-frequency trader to the investor who buys and holds until death.