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This narrative that retail is constantly panicking and selling every time the market drops is it based in anything? I'm under the impression the massive volume of buying/selling every day is institutional, and institutional investors/hedge funds are the ones constantly adjusting based on how data moves.

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Second this.

All we know is that over time retail investors tend to underperform the markets, but that's true of sophisticated institutional investors too.

Plus: in 2022 when we had a bear year retail was the one buying the dips according to the news.

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