- july-august 2020

[Everyone’s a Day Trader Now](https://www.wsj.com/articles/everyones-a-day-trader-now-11595649609?mod=mhp)

- june 2020

[Robinhood Traders Step Into Void Left by Dearth of Buybacks](https://knowen-production.s3.amazonaws.com/uploads/attachment/file/4534/households%2Bimpact.pdf)
> “Foreign investors and households will supplant corporations as the largest 2020 source of U.S. equity demand

[GS - Foreign investors and households will supplant corporations as largest 2020 source of US equity demand](https://knowen-production.s3.amazonaws.com/uploads/attachment/file/4549/US%2BWeekly%2BKickstart_%2BForeign%2Binvestors%2Band%2Bhouseholds%2Bwill%2Bsupplant%2Bcorporations%2Bas%2Blargest%2B2020%2Bsource%2Bof%2BUS%2Bequity%2Bdemand%2B.pdf) 
Households (which includes hedge funds) bought just 7 billion of US stocks during 1Q. 

Zerohedge - bearish angry bias - june 6, 2020 [Goldman's Clients Are Getting Angry That Teenage Daytraders Are Crushing Them](https://www.zerohedge.com/markets/goldmans-clients-are-getting-angry-teenage-daytraders-are-crushing-them)

- [Assumptions about valuations and economic indicators have more power than they should](https://knowen-production.s3.amazonaws.com/uploads/attachment/file/4554/Myths%2Bcan%2Bmake%2B_E2_80_98smart%2Bmoney_E2_80_99%2Bact%2Bdumb%2B_%2BFinancial%2BTimes.pdf)

[My not-so-profound thoughts about valuation, corporate finance and the news of the day!](http://aswathdamodaran.blogspot.com/2020/06/a-viral-market-update-ix-do-it-yourself.html) http://aswathdamodaran.blogspot.com/
[The Math of Value and Growth](https://www.morganstanley.com/im/publication/insights/articles/article_themathofvalueandgrowth_us.pdf?1591814348662) Michael J. Mauboussin michael.mauboussin@morganstanley.com Dan Callahan, CFA
Growth, Return on Capital, and the Discount Rate


[Thus, the trading of institutional investors magnifies the trading of individuals](https://knowen-production.s3.amazonaws.com/uploads/attachment/file/4535/retail%2Binvestors.pdf)


- [On Robinhood, retail investors, and the rules of games](https://whyisthisinteresting.substack.com/p/why-is-this-interesting-the-market)

april-may 2020 equities rally and [Dave Portnoy phenomenon](https://knowen-production.s3.amazonaws.com/uploads/attachment/file/4514/retail%2Bbros%2Band%2BDave%2BPortnoy.pdf)

- my Twitter discussion

> Yes. Not just Citadel. But they are the one that handles 80perc of retail orders and one of the few biggest players in the s&p mini. They are notorious for manipulating around the global markets for institutional investors.

> Citadel->Programs/Algos->TD/Etrade/Robinhood. In that order

> Avg acc value of RH: 1k to 5K
> of Etrade: 70k
> of Morgan Stanley: 900k
> Traditional online brokerage avg acc value is significantly higher than RH. RH has more users, but others are close. In RH: can’t trade bonds, futures, future options which trading volume is larger than equities

- [Robinhood traders are not behind the rally and their favorites actually underperform, Barclays says](https://www.cnbc.com/2020/06/12/robinhood-traders-are-not-behind-the-rally-and-their-favorites-actually-underperform-barclays-says.html)


-  https://robintrack.net/

[Wall Street Fixates on a College Side Project Tracking Robinhood](https://knowen-production.s3.amazonaws.com/uploads/attachment/file/4529/robintrack.pdf)
Daily visitors to Robintrack.net has grown 13-fold to 50,000
Website tracks Robinhood users’ stock holdings in real time

## allocation

![vv](https://knowen-production.s3.amazonaws.com/uploads/attachment/file/4556/GS%2Bpicture.PNG 'vv')