By: Steve Smith
Much ink has been spilled over how Robinhood traders, which has become short-hand for Millennium age or younger, who’ve enjoyed their first rush into investing, or shall we call it trading, by buying the dip at the depth of COVID-19 created sell-off. I, too have been guilty of glomming onto to Dave Portnoy and his band of merry traders because not only does it make for great content but the fact is they have been making a mockery of the market as a whole and targeting investment legends like Warren Buffet specifically, claiming he’s washed up 90 year man.
Millennials have been blamed for the ‘killing’ of a wide variety of products and industries. But, they may have just saved Wall Street, or at least given it a boost into the next iteration. In recent weeks, the old guard, from Bill Gross, Sam Zell, Jeremy Grantham, Carl Icahn, and Stan Druckenmiller have all made high profile media appearances stating their bearish case.
Meanwhile, Portnoy and his cohort are starting to get equal time on-air, show nothing but exuberance, often describing their process and experience with stocks as simply “fun’ and prices always go up.
As a peacemaker, I think both parties can be right. The elders may have simply succumbed to the fact as you get older your risk tolerance decreases, it simply makes sense to go into preservation mode as your life draws to a close. But more impactful in the decision making of becoming negative is the inability to keep up with technological changes in which to develop a new ‘blue sky’ vision within the investment landscape.
Whether it be in… Continue reading at StockNews.com