) and JC Penney last week to individual investors. The unpredictable moves have left some professionals avoiding the stocks of companies popular on Robinhood.
Mark Travis, a portfolio manager at Intrepid Capital, has stayed away from airlines and other stocks that appear to have drawn retail buyers. “With no sports right now, people have turned to day trading as their new sport,” he said. “There’s a lot of speculation in the market now.” Others, however, have doubts whether retail investors have been a major force in a rally that has seen the S&P 500 climb around 40% from March lows.
An analysis by Barclays comparing Robinhood customer holdings to daily returns for S&P 500 constituents found that “all else equal, more Robinhood customers moving into a stock has corresponded to lower returns, rather than higher,” the bank said in a recent note.Our Standards:
U sure it's not the Fed buying T-Bonds from the banks, then banks lending that 2 Trillion dollar war chest to corps at low or no interest & corps doing massive stock buy backs? But, yeah, it's Gen Z kids spending the change from their minimum wage jobs that's moving the market.
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