Most Retail Investors Think They’re Investing: They’re Actually Trading The Market

They ask whether the market feels strong before asking whether management allocates capital intelligently. That order is backward. Price moves around. Structure is what actually drives the outcome over time, and this is where long-term returns come from.The S&P 500 can fall sharply on an inflation print. It can rally on a rate comment. It can reverse without any meaningful change to the underlying economics of the companies inside it, yet most retail investors respond to price first and fundamentals second. ...