Well, yes and no. If you assume that all Joe Random on Robinhood can do is to chase momentum and try to offload before everyone else, then yes. But if you bel

Well, yes and no. If you assume that all Joe Random on Robinhood can do is to chase momentum and try to offload before everyone else, then yes. But if you believe that certain Joe Randoms are actually talented and lucky enough to identify a bona fide unrealized potential in a stock and then invest in that, all the other Joe Randoms doing stuff provides enough noise that you don't get immediately picked up as a signal by the big players who can outgun you.