AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
3min chapter
Smart Money: If you don't know who the patsy is, you're the patsy
Many Happy Returns
Is There Such a Thing as Just Really Dumb Money?
Retail investors in the aggregate who are trading it would be more than 80% that underperform the market right. So active managers are being beaten by the market but are probably doing a better job than non-smart investors if you see what I mean. But at the other end of the scale is there such a thing as just really dumb money and I read a good piece by Matt Levine recently who we always talk about because he's so good. He looked at Robin Hood and their customers who were one of the big beneficiaries of the retail trading boom in 2020. The business model that allows us to work is something called payment for order flow which subsidizes people trading on its platform.
00:00
Transcript
Episode notes
Get the Snipd
podcast app
Unlock the knowledge in podcasts with the podcast player of the future.
AI-powered
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode
Save any
moment
Hear something you like? Tap your headphones to save it with AI-generated key takeaways
Share
& Export
Send highlights to Twitter, WhatsApp or export them to Notion, Readwise & more
AI-powered
podcast player
Listen to all your favourite podcasts with AI-powered features
Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode