People say the market is bearish, but I think retail investors have evolved. Data shows that this year, net inflows from US stock retail investors have been dismal, hitting a new low since 2020. Today’s retail investors dare to heavily position in thematic stocks, but they turn on a dime—one hint of wind and grass, and they bolt. It’s not that the market trend is bad; it’s that everyone no longer wants to be “long-term shareholders.”