Tech companies, electric-vehicle makers and some meme stocks are part of the aggregate mix of equities inside the portfolios of Robinhood users, according to a new index from the brokerage app geared at new investors.
It all shows Robinhood users are buying — and holding onto — companies “they know, understand and believe in for the long-term,” the company said in a Friday morning announcement unveiling the Robinhood Investor Index. — Robinhood Investor Index “And to ensure that all customers are equally represented, we average conviction for each investment across all customers, whether they have $20 or $20 million in their account,” it added.
The Nasdaq COMP is down nearly 23% year to date. The Dow Jones Industrial Average DJIA is down almost 12% and the S&P 500 SPX is off by 15% in that period. Of course, there can be pitfalls in completely following what others do, but Quirk noted the index is just one data point to inform investors’ decisions.
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