@wolfejosh - Generations

1/ The shift from mostly INDIVIDUAL retail investors to concentrated institutional over last two generations––and the growing shift back to INDIVIDUAL retail investors

is underappreciated strutural phenom of inflows/outflows

We make fun of the RobinHood, TradeRepublic...

2/ And the vast majority of them will LOSE their money and GAIN experience––

and get exploited by more cunning investors + mgmt teams
(front-running quants, huckster CEOs)

But the capital formation it is fueling + will fuel (at a time of already low rates) is scary large...

3/ Consider ANT Financial

China funds raised just for the IPO sold out in days––raising MathjaxDialect1732295720EquationNumber140M into stocks

1st reaction: aghast

2nd reaction: why not?
His popularity will ebb + flow––not with hype––but whether he makes good investments (or gets lucky)

Like any celeb investor
https://www.bloomberg.com/amp/news/articles/2020-10-02/robinhood-versus-etoro-brokerage-showdown-looming-in-stock-market-investing?__twitter_impression=true