### Comment:
it works till it doesnt, by this logic crashes and rallys will benefit only the MMs. MMs can lose too. they just win more often

### REPLY:
Exactly, this logic assumes MM’s will be bag-holding equities they never wanted to begin with. I’m not saying they never move markers to flatten out option exposure, but sometimes they’ll just take the L rather than trying to prop up a bear market.   
  
 Also, MM’s are not monolith. It’s basically big banks and hedge funds battling each other.

### END.