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SPDN - Today's Retail Investor: Dumb Money Smart Money Or Just Plain Lucky
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There is a often repeated story on Wall Street that in the weeks and months ahead of the infamous stock market crash of 1929, Joe Kennedy was fortunate enough to liquidate a major portion of his equity holdings after hearing a number of shoe shine boys giving stock tips.
The story typifies what many professional investors already know ---- retail investor money is generally considered to be dumb money.
That is not to say that, in the short-run, some retail investors may be lucky enough to make a few bucks trading the strong momentum