retail investor

“From an investment, from an, you know, investor point of view, there was absolutely no use for the product. It enabled pajama boys, you know, people to trade at home the market on a, you know, 10 minute, five minute, 10 minute hourly basis, which, you know, is…”

“Bitcoin, I think it's a pretty bad investment. All the smart people I know in Silicon Valley who made loads and loads of money bought early and sold early. And, you know, it was all the sort of dumb retail people who piled in late.”

“If that industry feels really frothy to me, and it feels like there's some bad practices that will come back to kind of haunt the industry, I also worry that it's maybe been oversold to retail.”

“I mean, I think the default to the answer to that question, the default is no. The default is the average retail investor probably should not be investing in these strategies.”

“Over time, the market's going to be efficient, and for you to think that you could pick out the very little places where it's inefficient against the people who are literally spending their lives doing it is a folly that other people get trapped in.”

“You should not be selling over-the-counter products with leverage that take 10 days to settle like a leverage loan to retail and acting like, yeah, it's all going to be fine, but it's not.”

“If you own stocks on your Fidelity or Schwab account, you are earning Zero percent on them if you're a retail investor. And on the back end, to the extent people are shorting an asset that you own, Fidelity, Schwab, whoever your brokerage is, is making that sp…”

“One of the things I've come to learn is that given the constraints that almost everyone has, an individual with their spending, an institution with their board, that the long term, if you can really think about it, probably gets to three to five years.”

“Things like venture capital and private equity and real estate investing all require a lot of resources to either find the deals or to find the managers who are conducting those deals globally. Those investment areas, the winners tend to be very plugged in and…”

“This is where retail investors can have an advantage over institutions. Institutions have boards. They have committees. They have all these things that come in the way between an individual saying, I want to make this investment and an answer at the end of the…”

“We're investing heavily in attorneys that are experts with retail investors, because we see the industry moving that way.”

“There are 50,000 dollar tickets. There are 20,000 dollar tickets. There are 10,000 dollar tickets coming out. And it's not fully available to retail, but it's coming.”

“The gouging of retail investors, especially through structured products.”

“If it gets there through aggregating vehicles, there are shops that are in the business of making private equity and other alternatives accessible to a universe of clients that are smaller than ours. A good chunk of the returns that our clients will get from t…”

“I think some of those reporting mechanisms are probably going to be expected by a lot of our limited partners, especially the retail community will push that idea in a pretty acute way. So it's going to move to a business of customer service. As much as invest…”

“The retail investor hasn't been tested yet because most of this has come online. With COVID and coming out of COVID and it's been a pretty easy low vol period of time.”

“The big gotcha will be if we have some really visible blowup of a manager that we've put a broader set of retail investors into, that could create a pretty significant headwind.”

“There are going to be a lot of doctors and dentists who are pretty disappointed 10 years from now with the net returns that they're getting from their financial advisor plowing their capital into private equity. Gross returns might be fine, but between the fee…”