When Dumb Money Beats Smart Money, It's Time to Worry
Retail investors are outperforming professionals, which is rarely a good sign.
Owen Lamont says "dumb money" wins often mark bubble territory.
Lamont, Ph.D., of Acadian Asset Management, argues that when amateur investors begin outperforming institutions, warning lights start flashing, signaling potential froth and feedback loops.
- Retail investors have a long track record of under-performance.
- Their unexpected winning may indicate a market tilting into bubble territory.
The key question is: are retail victory laps a bullish anthem or the opening act of the next correction?
Author's summary: Retail investors outperform professionals, sparking bubble concerns.
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