> people buy securities when they expect them to be worth more when they sell (or are forced to sell) them. they sell securities when they no longer believe tha

> people buy securities when they expect them to be worth more when they sell (or are forced to sell) them. they sell securities when they no longer believe that. If anything, the shocking over performance of retail investors has nothing to do with that trite characterization. It could be as simple as options having a built-in exit strategy, which is actually what retail lacked. People were selling and buying at the wrong times, and now they aren’t, because the thing they are trading forces them to exit at a “good time.” With an unemotional exit strategy, retail traders are taking greater risk for greater reward and obtained it. Is this good for the economy? Would you rather have people sit on their stock portfolios until they die, passing millions of dollars tax free to their heirs, who don’t spend it either or spend it on overpriced housing? Or would you rather people take profits (and losses - to other winners) every two weeks, occasionally, you know, buying a variety of somethings?