'Buy the trash': The day traders punting on the sharemarket's rebound

One of the more peculiar phenomena of the US sharemarket’s remarkable resurgence since late March has been the role played by retail investors and, in particular, by the millennial users of a fintech app.

Until the US Securities and Exchange Commission intervened, Hertz had planned to raise $US500 million of new equity after retail investors drove its stock price up from US53 cents to as high as $US5.53. It is still trading at $US2. Veteran US activist investor Carl Icahn lost $US1.8 billion when he sold his Hertz shareholding, but that didn’t deter the retail punters. Warren Buffett might have dumped all his aviation stocks, but three of the four airlines he used to have shares in are among the top 12 stocks held by Robinhood investors, who are heavily exposed to airlines, cruise lines and stressed companies like Ford and GE.

Despite not charging for trades – it’s a typical "dot com" strategy, building an audience and subsequently devising means of monetising it - the company was able to raise $US280 million of venture capital last month, which valued it at $US8.3 billion.

Buy gold

The Fed has created this ridiculous level of risk taking. It’s criminal.

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