Over the past 11 months, investors have navigated through one of the most volatile periods in history for the stock market. The broad-based S&P 500 lost more than a third of its value in about a month during the first quarter of 2020, and has spent almost 10 months in rally mode.
When volatility picks up, investors often think about heading to the sidelines for safety. But that’s not what millennial investors have done. Online investing app Robinhood, which has catered to this younger crowd, added approximately 3 million users in 2020.
In many instances, millennial and novice investors love chasing after brand-name and/or momentum stocks. This past week, we saw this come to fruition, with a brand-new company anointed as the most widely held stock on the Robinhood platform.