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Pride comes before the fall.
As soon as I read someone say “fundamentals are out the window” I’m done. That’s the point at which an author admits, knowingly or not, that they’re trapped in their own narratives. Peter is a smart guy and I respect him, but I’m going to let you in on a little secret: fundamentals are only fundamental until they aren’t anymore. Anyone who walked into 2020 with a view that the high P/E was a sign to avoid equities would have missed a 43% run by AMZN (P/E 126x), 24% by MSFT (P/E 32x), 20% for AAPL (P/E 27x), 116% for VEEV (P/E 116x), do I need to keep going? Mixing the world of day traders (and the entertainment trading of the DDTG juggernaut) with investors is not only a mistake, it’s an entire misreading of the current climate. There is a MASSIVE difference between Retail and retail. One of them is trading meme stocks while scouring r/wallstreetbets, the other is the actual mom-and-pop investors that people like me manage every day. Don’t confuse the two. Don’t equate the two. Don’t even put the two in the same building, let alone in the same room. These are distinct entities. That one of them has gotten more attention than the other is the entire point of the game.
I agree with you and we’re in the same business, I hope and believe that our kind of retail can survive and even thrive on the inevitable day when the day traders get wiped out. In a way I look forward to it even though I’m sure no one will be unscathed.