Either the mighty US mom-and-pop investor base knows something we don’t, or it’s heading for a bruising.
Right now, the amateurs are sitting pretty. Domestic retail investors were, by all accounts, conspicuously active buyers of US stocks in the initial firestorm kicked off by Donald Trump’s so-called “reciprocal” tariffs announcement at the start of this month.
As stocks indices plunged, purchases from this group were, as Vanda Research puts it, “historic”. Fair play to them. It was a brave call, but from the very lowest point on April 7, the US S&P 500 is still up by 9 per cent.
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