Investors believe markets react to information.
More often, markets react to the concentration of attention around information.
The distinction matters.
Every market cycle develops a dominant narrative. Capital does not flow toward every idea equally. It flows toward the ideas repeated most often, reinforced most consistently, and accepted most broadly.
The VICA Media Concentration Index (VMCI) measures that concentration.
VMCI: 78
Extreme Concentration
Current Concentration: AI (68%) | Geopolitics (22%) | Private Credit (10%)
The significance is not the content of these narratives.
The significance is their repetition.
As attention concentrates, capital follows. As capital follows, positioning synchronizes. As positioning synchronizes, markets become dependent on fewer assumptions.
Strength and fragility often emerge from the same process.
Media Concentration → Attention Concentration → Capital Concentration → Position Synchronization → Market Movement
The most important market signal may not be what the media says.
It may be what the media repeats.
Price Indicators → Market Levels
Sentiment Indicators → Investor Psychology
VMCI → Narrative Concentration
Narrative Concentration → Attention Concentration → Capital Concentration → Position Synchronization → Market Movement
Markets do not move solely because information changes.
Markets move because collective attention changes.
VMCI measures that shift.
