There's also TA bots. Both algorithmic and human traders who will eschew a stock at $280 but consider it a buy at $430 because it crossed some magical technical level, without anything fundamental having changed about the underlying company.
These traders tend to conduct the opposite of the value strategy, often buying all-time highs for no other reason than it hit an all time high.
These traders tend to conduct the opposite of the value strategy, often buying all-time highs for no other reason than it hit an all time high.