I'm sorry I wasn't around, could you please explain why?
Pretty sure he's clarifying that retail flow has negligible effects on the markets. Institutional money moves stocks, retail investors are just along for the ride.
Not that I don't believe that, but where's the proof?
I'm not sure where these guys are getting their numbers, retail investors make up about 25% of the market. Not the dominant force, but also not exactly negligible.