新一代美股散户“不一样”：没有熊市记忆，只有“抄底”的甜蜜和“一夜暴富”的艳羡

Core Viewpoint - The U.S. stock market is witnessing a new generation of retail investors who are actively buying during market downturns, contributing to record highs in the market [1][3]. Group 1: Structural Changes in Investor Composition - The current generation of investors lacks memories of bear markets and has primarily experienced a prolonged bull market, which influences their willingness to take risks [2][5]. - Retail investors significantly increased their market participation during downturns, as evidenced by record buying during the S&P 500's declines in April and August [3][7]. - This "buy the dip" mentality is likely to persist longer than many market veterans realize, as these investors have been conditioned by a low-interest-rate environment and early investment successes [3][6]. Group 2: Impact of Trading Gamification - The trend of gamifying trading has transformed investing into a form of entertainment for many Americans, with social discussions around stocks and cryptocurrencies becoming commonplace [10][11]. - Retail traders now account for approximately 20% of total options activity, surpassing levels seen during the meme stock frenzy in 2021 [12]. Group 3: Stock Market as a Wealth Indicator - The S&P 500 index has become a real-time indicator of wealth growth for many Americans, outperforming other asset classes like real estate and bonds [13]. - As of the end of 2024, Fidelity reported a record 537,000 401(k) millionaire accounts, highlighting the increasing correlation between stock investments and American financial health [14]. - Despite the potential for market corrections, the psychological shift among investors may provide a buffer against losses, as many are inclined to buy during market volatility [14].