Stocks Only Go Up: What role did apps like Robinhood, influencers like David Portnoy and government stimulus checks play in the emergence of Millennials in the stock market?
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Stocks Only Go Up - Claude Kramer
1. A Revolution in the Financial World?
The stock market experienced very strange situations throughout 2020. Despite the pandemic causing unemployment and leading US to a recession, the stock market showed ups and downs but experienced a sort of boom. Or maybe it was a bubble being inflated, that is yet to be determined. Volatility was high, and so was liquidity. There was a huge increase in the number of retail investors, who started trading small amounts through apps that offer zero commission.
Robinhood being the most popular among these apps, the legion of young traders was called Robinhooders. Users belong to the Millennial or the Z Generation, they are very familiar with technology, they speak loud, use different social networks and want to make fast money. Much is being discussed about these young traders. Can they be responsible for the market’s rebound? Are they using stimulus checks to gamble with stocks? Do they even understand what they are doing? Are they being given leverages they can’t handle?
The suicide of a 20 year old Robinhooder who mistakenly read his balance and thought that he owed more than $700,000 brought the issue to the headlines. In the financial world, Robinhooders were already a topic, but analysts tended to underestimate their power and their influence. As pandemic months went by, many of them changed their mind and started considering the possibility that this new generations could indeed bring changes to the financial world.
Internet celebrity David Portnoy, founder of media empire Barstool Sports and part of the sports and gambling sector, also started day trading and live streaming his hours in front of the computer. Because of his popularity and his controversial statements, he was pointed out as the leader of the day trading boom, but he claims that he only jumped into something that was already happening. As in many other areas of life, it seems that COVID-19 pandemic accelerated