, Columnist
Robin Hood Is Pillaging the Sheriffs of BlackRock
Retail investors surprisingly bested institutions during the Covid crisis. They could yet be left holding the baby.
The stock market’s merry men don’t use a bow and arrow anymore.
Photographer: Andrew Harrer/BloombergThis article is for subscribers only.
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When the chips are down, is institutional money any more patient than the money the rest of us put into the stock market? Over the past few decades, the game has changed. It is no longer about rich individuals investing their own funds for their own benefit, but about big institutions, trading in such a way as to convince people to entrust them with more money. In theory, the institutionalization and professionalization of investing should make for steadier, less excitable markets.