Andy Cross

The individual investor Lou mentioned about the, you know, kind of the buy the dip mentality.

Individual investors now represent a good chunk of the investing activity.

That's a lot different than it was five years ago.

We've seen them be kind of a lot, in a lot of ways, the buyer of last resort.

And institutional investors, a little bit more on the short term, panic, hit the button, jump out of positions.

So individual investor trade.

Yeah, and it's really elevated since COVID.

If you look at really since COVID when so many institutional or so many individual investors, and hey, credit us, right?

Hey, win for the individual investor.

That's awesome.

Those individual investors have really, in many ways, supported the market, especially on the margin side.

And I think you are starting to see, hey, it's been a great performance the last three years, really since 2022 after that bear market.

The markets have done so well.

So many positions have done so well, including technology, led by technology.

And now I think individual investors are saying, hey, is that, hey, I may be overweight in that area.

Now I'm starting to pivot and looking at other spots of the market.

I think that shift is going on.

And that's not necessarily, that doesn't get reflected in the index, as we mentioned before.

And that's one reason why the index has underperformed this year.

You know, the one slight bright side is just the dependence