Human trading: 80% → 7%
A CIBC note cited by Chris Mayer suggested that in 2003, 80% of market trading volume was driven by human decision-makers not following algorithms, versus just 7% today.
Snapshot · Excess Returns
The 100 Year Thinkers: Chris Mayer on SpaceX, AI Reckoning, and Why Early Is Overrated
Explore episode
Jun 27, 2026
Where this was said
The rise of trillion-dollar IPOs and the question of rational exuberance
At 53:50 · chapter starts 52:17
Mayer traces market strangeness to GFC scarring, COVID distortions, and CIBC data showing human discretionary trading has fallen from 80% to 7% of volume.
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