特朗普关税“过山车”中散户逆势抄底大赚，机构踏空错失反弹

Core Viewpoint - The sudden announcement of tariff increases by former President Trump led to significant market volatility, with a total market value loss of approximately $6 trillion in just two trading days, but retail investors capitalized on the situation, ultimately achieving substantial gains [1][4]. Group 1: Market Reaction - The S&P 500 index experienced an 18% surge following the suspension of most tariff plans announced by Trump just a week after the initial increase [1]. - Retail investors net purchased $50 billion in U.S. stocks from April 8 to mid-May, achieving a cumulative return of 15%, outperforming most professional institutions [1][4]. Group 2: Investor Behavior - Institutional investors contributed to panic selling, while retail investors consistently increased their positions every two weeks, helping to alleviate selling pressure [4]. - Data from Morgan Stanley indicated that personal investor trading volume surged to 36% in the last week of April, marking a historical peak and becoming a key driver of the market rebound [4]. Group 3: Retail Investor Confidence - Retail investors demonstrated remarkable resilience during market turmoil, with Bank of America reporting that individual investors had net bought stocks for 22 consecutive weeks, the longest streak since 2008 [4]. - The confidence of retail investors is bolstered by past experiences of market recovery, such as the 75% rebound of the S&P 500 index following its March 2020 low [5]. Group 4: Market Structure Changes - The rise of retail investors is reshaping the U.S. stock market ecosystem, with predictions that retail trading volume will reach 19.5% by 2025, a significant increase from pre-pandemic levels [8]. - Financial planners noted that while speculative trading exists, most retail investors are adopting dollar-cost averaging strategies, allowing them to withstand panic and seize opportunities from policy reversals [8].