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Those investors (no idea what they were doing to begin with) already got spooked by the 60% drop and pulled out of 401k/into bonds. I mean the average investors who have some knowledge of the market, and have decent capital (20k-200k) but is just trading normally using online trading services.

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Trust me, they don't leave. There's something about the markets that make people think that they can compete against a firm with a multi-billion dollar IT department, a slew of economists, and direct access to the exchanges. I'm not denying that the game is in favor of Wall Street firms. I'm simply saying that this will not cause retail investors to exit the market.

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