agree with your view of the index...bloated past 11000...biotech tends to have its own path...and within that Cancer Drugs another "moat" if you will
The leisure class lives by the industrial community rather than in it. Its relations to industry are of a pecuniary rather
than an industrial kind. Admission to the class is gained by exercise of the pecuniary aptitudes -- aptitudes for acquisition
rather than for serviceability. There is, therefore, a continued selective sifting of the human material that makes up the leisure
class, and this selection proceeds on the ground of fitness for pecuniary pursuits. But the scheme of life of the class is in
large part a heritage from the past, and embodies much of the habits and ideals of the earlier barbarian period. This archaic,
barbarian scheme of life imposes itself also on the lower orders,with more or less mitigation. In its turn the scheme of life, of
conventions, acts selectively and by education to shape the human material, and its action runs chiefly in the direction of
conserving traits, habits, and ideals that belong to the early barbarian age -- the age of prowess and predatory life.
Veblen
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