In a YouTube video earlier this month, Ken Fisher of Fisher Investments weighed in on the recent surge of meme-stock mania, arguing that while it drew a lot of media attention, it “doesn’t have a lot of significance” for the broader market.

“Every transaction involves a buyer and a seller,” Fisher said in the video, adding, “The notion that individuals buying the meme stocks are somehow more in the know and more powerful than the rest of all who trade in securities collectively is novel fiction at best.”

Fisher likened meme-stock trading to “an age-old game called a momentum play,” which he described as “a lot like musical chairs,” an approach usually deployed late in a market cycle that is “enthusiastically endorsed by people who think they can get in and get out.” According to Fisher, it adds more volatility to the marketplace but also increases liquidity because, he says, “every idiotic trader is providing liquidity for the person on the other side of the trade who wants it.”

But Fisher points out that momentum plays are rarely successful on an ongoing basis and argues that meme stock trading is a “stock market side show.” 

“Is it fundamentally important? Is it game-changing? Will it override the stock market?” Fisher asks, answering his own question with a resounding, “No.”