It's worth noting that "sophistication" is not really the defining characteristic that makes retail order flow appealing, it's that it's non-correlated with oth

It's worth noting that "sophistication" is not really the defining characteristic that makes retail order flow appealing, it's that it's non-correlated with other market events. Retail flow is driven by things like needing money for purchases or having excess cash lying around. Also retail flow is less execution cost sensitive. That's what people mean when they say less sophisticated.