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Retail investors are giving Wall Street pros a run for their money during the market comeback, with the amateurs’ top picks outperforming those of hedge funds, according to Goldman Sachs.
Goldman compiled a portfolio of popular stocks among retail investors and the basket of equities is up 61% since the depths of the bear market in March. Goldman’s hedge fund basket is only up 45% in the same period.
“The narrative of Main Street weakness vs. Wall Street asset inflation is misleading,” Goldman Sachs chief U.S. equity strategist David Kostin said in a note to clients on Sunday.
A flood of new retail investors into brokers like Robinhood,…