Why Are Investors Holding More Cash?

Bloomberg estimates retail demand for the SpaceX IPO was in the neighborhood of $70 billion. That’s roughly 30% of the $250 billion total, higher than the typical 5-10% reserved for retail investors. Retail investors are no longer the mom-and-pops of the past, openly mocked by the pros. The growth of retail trading this decade is a massive sea change in the financial markets. No one could have possibly predicted tha...