On July 6, Vlad Tenev, the founder of Robinhood, stated on The Master Investor podcast that retail investors might actually be the real smart money. He pointed out that institutional investors are too focused on macro indicators such as tariffs and interest rates, and even sell fundamentally strong companies due to portfolio rebalancing. In contrast, retail investors pay more attention to improvements in company operations, product quality, revenue, and profit growth. As a result, retail investors are better able to maintain resilience during short-term fluctuations and seize opportunities when the market panics.
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