The Wisdom of the Robinhood Crowd
研究了2020年3月新冠熊市中罗宾汉投资者增持股票的行为，发现他们没有集体恐慌或追加保证金，这种坚定在随后的牛市中获得了回报。他们的投资组合偏向高交易量的大盘股，且从2018年中到2020年中，散户共识组合表现出良好的时机选择和超额收益。
ABSTRACT Robinhood investors increased their holdings in the March 2020 COVID bear market, indicating an absence of collective panic and margin calls. This steadfastness was rewarded in the subsequent bull market. Despite unusual interest in some “experience” stocks (e.g., cannabis stocks), they tilted primarily toward stocks with high past share volume and dollar‐trading volume (themselves mostly big stocks). From mid‐2018 to mid‐2020, an aggregated crowd consensus portfolio (a proxy for the household‐equal‐weighted portfolio) had both good timing and good alpha.