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2021-02-09

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Individual investors are back — here’s what it means for the stock market

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While breakneck and foolhardy trading activity in shares of GameStop Corp.GME,+19.20%has dominated the headlines, unanswered questions remain as to whether a broader resurgence in retail trading will last and what it will mean for the stock market as U.S. benchmark indexes march to all-time highs.\nThe comeback\nIt’s been a long time coming.\nThe stock market put in a historic rally over the past decade “without any prominent retail interest in it,” said Chris Konstantinos, chief investment strategist at RiverFront Investment Group, in an interview.\nHe noted that total bond fund flows have outpaced stock flows by nearly $3 trillion since 2007. In fact, individual investors appeared interested in almost anything else, from real estate to cryptocurrencies, Konstantinos said.\nA shift got under way last year as the coronavirus pandemic took hold. Sequential growth in accounts at brokers such as Charles Schwab Corp.SCHW,+0.98%that cater to individual investors “was remarkable” at the end of the second quarter of 2020 and was followed by a major surge in growth in the following quarter, said Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets, in a Feb. 2 note.\nAt the same time Google searches for “day trading” were also on the rise, she noted (see charts below).\n<img src=\"https://static.tigerbbs.com/abaf0f0e954b8c180c43870b72f55252\" tg-width=\"1260\" tg-height=\"655\">RBC CAPITAL MARKETS\nCalvasina and others acknowledged that a combination of lockdown-related boredom and stimulus checks from the U.S. government likely played a role in the uptick in individual investing interest.\nThe jury is out on whether that enthusiasm will endure, said Ed Clissold, chief U.S. strategist at Ned Davis Research Group, in an interview. It’s unclear how much of the pickup in retail trading merely reflects individuals throwing extra money via stimulus checks at the market, he said.\nThat sort of trading feels more like gambling than investing, he said, noting that “frothy” market action tends to fade quickly away.\nNo doubt, day traders who jumped on the GameStop rally in a big way and listened to pleas on Reddit’s WallStreetBets forum to hold the line were left to suffer ugly losses. Some market watchers fear that the bubble-like activity in so-called meme stocks could end up scaring away individual investors, nipping any resurgence in the bud.\nBut others argued that many individual investors, whose ranks aren’t made up soley of rapid-fire day traders, were likely to stick around.\n‘Structural change’\nCalvasina said RBC suspects a “structural change may be afoot and that retail investors are likely to remain bigger players in the U.S. equity market going forward.”\nIf so, that will require an attitude adjustment by Wall Street pros, who got used to paying little attention to individual investors.\nAfter all, powerful waves of passive and systematic investment had rendered individual investors largely irrelevant to analysts cooking up market forecasts, wrote strategists at Société Générale, in a Thursday note.\nBut the market volatility created by the GameStop situation served as a wake-up call, the analysts said.\nWhile GameStop and other heavily shorted names soared, hedge funds and other investors were seen liquidating long positions elsewhere, to take profits and cover losses, putting pressure on equities markets. Major benchmarks ended January on a sour note, with the Dow Jones Industrial AverageDJIA,+0.30%,S&amp;P 500SPX,+0.39%and Nasdaq CompositeCOMP,+0.57%logging their largest weekly declines since October.\nU.S. stocks roared back in the past week, however, with the S&amp;P 500 and Nasdaqscoring all-time highsas GameStop tumbled more than 80%.\nThe SocGen analysts said increased retail interest in the markets is part of a broader trend that has seen individual investors driving demand for investments that take environmental, social and corporate governance, or ESG, standards into account.\n“Rather than criticizing retail investors and their behavioral pattens, it is better to slot them into the money equation,” they wrote. “After all, it is not only office workers who are locked down at home on snowy days but also very active day traders with access to inexpensive platforms.”\nCabin fever, however, is hardly the only factor seen driving the renewed interest in the market by individual investors.\nLeveling the field\nSome individual investors who previously shunned equities might finally be succumbing to the notion that ultralow yields on bonds and elsewhere leave little alternative to the stock market. Equities still look attractive when it comes to dividend or earnings yields, Konstantinos said.\nMoreover, there’s the leveling of the playing field between institutional and individual investors over the past few decades. Regulation FD (for “full disclosure’) and other regulatory changes as well as the rise of low-fee trading platforms have put individual investors “on a closer footing to institutional investors than at any other time in history,” he said.\nIndeed, some market watchers have argued that the conventional branding of individual investors as the “dumb money” looks increasingly misguided, particularly after the GameStop episode showed supposedly “smart money” investors shorting more than 100% of the company’s stock, leaving them wide open to a painful short squeeze.\nCalvasina noted that some of the more well-known trades pursued by individual investors over the past year — buying stocks in the middle of a recession, buying airlines and cruise lines last summer, and implementing short squeezes this winter — come from a playbook that’s been largely abandoned by institutional investors over the past decade in favor of growth-, momentum- and quality-investing strategies.\nOn that point, highly shorted names have outperformed the market since the March 23 lows when it comes to both small- and large-cap stocks, a development that typically occurs after the market has put in a mid-recession low, she noted.\nStill, the frenzy in retail trading that surrounded the short squeeze on GameStop and a handful of other heavily shorted small-cap stocks raised a red flag to investors on the lookout for the sort of froth that signals a rally is entering the sort of euphoric phase typically followed by a pullback.\nNext leg?\nWhile that may prove to be the case in the near term, some investors contend a sustained pickup in active individual investing interest could help drive the next leg of a bull market.\nIndividual investors could continue to fuel interest in more value-oriented, smaller capitalization and higher volatility names, Konstantinos said.\nAnd sustained interest in individual securities could mean more “dispersion,” or variation in returns between individual stocks and sectors, said Clissold — an element that was missing over the past decade to the pain of active fund managers.\nCalvasina argued that retail interest in specific stocks is likely to ebb and flow, as it has done over the past year, but probably won’t fade away.\n“Unless the door closes (i.e. through a major regulatory change), we fail to see why retail investor interest in trading specific names will completely go way given how elevated cash on the sidelines is among consumers,” she wrote.","source":"market_watch","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIndividual investors are back — here’s what it means for the stock market\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-08 18:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/story/individual-investors-are-back-heres-what-it-means-for-the-stock-market-11612557558?mod=home-page>MarketWatch</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nThere’s more to the retail revival than GameStop\nLook who’s back.\nAfter a long absence, active individual investors have returned. While breakneck and foolhardy trading activity in shares of GameStop ...\n\n<a href=\"https://www.marketwatch.com/story/individual-investors-are-back-heres-what-it-means-for-the-stock-market-11612557558?mod=home-page\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯","GME":"游戏驿站",".SPX":"S&P 500 Index"},"source_url":"https://www.marketwatch.com/story/individual-investors-are-back-heres-what-it-means-for-the-stock-market-11612557558?mod=home-page","is_english":true,"share_image_url":"https://static.laohu8.com/599a65733b8245fcf7868668ef9ad712","article_id":"1105339151","content_text":"There’s more to the retail revival than GameStop\nLook who’s back.\nAfter a long absence, active individual investors have returned. While breakneck and foolhardy trading activity in shares of GameStop Corp.GME,+19.20%has dominated the headlines, unanswered questions remain as to whether a broader resurgence in retail trading will last and what it will mean for the stock market as U.S. benchmark indexes march to all-time highs.\nThe comeback\nIt’s been a long time coming.\nThe stock market put in a historic rally over the past decade “without any prominent retail interest in it,” said Chris Konstantinos, chief investment strategist at RiverFront Investment Group, in an interview.\nHe noted that total bond fund flows have outpaced stock flows by nearly $3 trillion since 2007. In fact, individual investors appeared interested in almost anything else, from real estate to cryptocurrencies, Konstantinos said.\nA shift got under way last year as the coronavirus pandemic took hold. Sequential growth in accounts at brokers such as Charles Schwab Corp.SCHW,+0.98%that cater to individual investors “was remarkable” at the end of the second quarter of 2020 and was followed by a major surge in growth in the following quarter, said Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets, in a Feb. 2 note.\nAt the same time Google searches for “day trading” were also on the rise, she noted (see charts below).\nRBC CAPITAL MARKETS\nCalvasina and others acknowledged that a combination of lockdown-related boredom and stimulus checks from the U.S. government likely played a role in the uptick in individual investing interest.\nThe jury is out on whether that enthusiasm will endure, said Ed Clissold, chief U.S. strategist at Ned Davis Research Group, in an interview. It’s unclear how much of the pickup in retail trading merely reflects individuals throwing extra money via stimulus checks at the market, he said.\nThat sort of trading feels more like gambling than investing, he said, noting that “frothy” market action tends to fade quickly away.\nNo doubt, day traders who jumped on the GameStop rally in a big way and listened to pleas on Reddit’s WallStreetBets forum to hold the line were left to suffer ugly losses. Some market watchers fear that the bubble-like activity in so-called meme stocks could end up scaring away individual investors, nipping any resurgence in the bud.\nBut others argued that many individual investors, whose ranks aren’t made up soley of rapid-fire day traders, were likely to stick around.\n‘Structural change’\nCalvasina said RBC suspects a “structural change may be afoot and that retail investors are likely to remain bigger players in the U.S. equity market going forward.”\nIf so, that will require an attitude adjustment by Wall Street pros, who got used to paying little attention to individual investors.\nAfter all, powerful waves of passive and systematic investment had rendered individual investors largely irrelevant to analysts cooking up market forecasts, wrote strategists at Société Générale, in a Thursday note.\nBut the market volatility created by the GameStop situation served as a wake-up call, the analysts said.\nWhile GameStop and other heavily shorted names soared, hedge funds and other investors were seen liquidating long positions elsewhere, to take profits and cover losses, putting pressure on equities markets. Major benchmarks ended January on a sour note, with the Dow Jones Industrial AverageDJIA,+0.30%,S&P 500SPX,+0.39%and Nasdaq CompositeCOMP,+0.57%logging their largest weekly declines since October.\nU.S. stocks roared back in the past week, however, with the S&P 500 and Nasdaqscoring all-time highsas GameStop tumbled more than 80%.\nThe SocGen analysts said increased retail interest in the markets is part of a broader trend that has seen individual investors driving demand for investments that take environmental, social and corporate governance, or ESG, standards into account.\n“Rather than criticizing retail investors and their behavioral pattens, it is better to slot them into the money equation,” they wrote. “After all, it is not only office workers who are locked down at home on snowy days but also very active day traders with access to inexpensive platforms.”\nCabin fever, however, is hardly the only factor seen driving the renewed interest in the market by individual investors.\nLeveling the field\nSome individual investors who previously shunned equities might finally be succumbing to the notion that ultralow yields on bonds and elsewhere leave little alternative to the stock market. Equities still look attractive when it comes to dividend or earnings yields, Konstantinos said.\nMoreover, there’s the leveling of the playing field between institutional and individual investors over the past few decades. Regulation FD (for “full disclosure’) and other regulatory changes as well as the rise of low-fee trading platforms have put individual investors “on a closer footing to institutional investors than at any other time in history,” he said.\nIndeed, some market watchers have argued that the conventional branding of individual investors as the “dumb money” looks increasingly misguided, particularly after the GameStop episode showed supposedly “smart money” investors shorting more than 100% of the company’s stock, leaving them wide open to a painful short squeeze.\nCalvasina noted that some of the more well-known trades pursued by individual investors over the past year — buying stocks in the middle of a recession, buying airlines and cruise lines last summer, and implementing short squeezes this winter — come from a playbook that’s been largely abandoned by institutional investors over the past decade in favor of growth-, momentum- and quality-investing strategies.\nOn that point, highly shorted names have outperformed the market since the March 23 lows when it comes to both small- and large-cap stocks, a development that typically occurs after the market has put in a mid-recession low, she noted.\nStill, the frenzy in retail trading that surrounded the short squeeze on GameStop and a handful of other heavily shorted small-cap stocks raised a red flag to investors on the lookout for the sort of froth that signals a rally is entering the sort of euphoric phase typically followed by a pullback.\nNext leg?\nWhile that may prove to be the case in the near term, some investors contend a sustained pickup in active individual investing interest could help drive the next leg of a bull market.\nIndividual investors could continue to fuel interest in more value-oriented, smaller capitalization and higher volatility names, Konstantinos said.\nAnd sustained interest in individual securities could mean more “dispersion,” or variation in returns between individual stocks and sectors, said Clissold — an element that was missing over the past decade to the pain of active fund managers.\nCalvasina argued that retail interest in specific stocks is likely to ebb and flow, as it has done over the past year, but probably won’t fade away.\n“Unless the door closes (i.e. through a major regulatory change), we fail to see why retail investor interest in trading specific names will completely go way given how elevated cash on the sidelines is among consumers,” she wrote.","news_type":1},"isVote":1,"tweetType":1,"viewCount":59,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":5,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/389757814"}