In my mine “retail” are just future “investors” who eventually morph into “peers and frens.”

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Retail is a fiat / wall street term for the chumps with a high time preference.

It is what it is though. Best we can do is educate on the way up.

Yup. Retail is that and also the mysterious boogeyman that politicians and some in the media like to paint as the ones responsible for violent market fluctuations.