“retail trading is now entertainment, not investment, and that shift is permanent”
Annual letter arguing that retail financial speculation has permanently shifted from investment to entertainment, driven by smartphone access and zero-commission trading. Documents the collapse of holding periods, zero-day options comprising 59% of options volume in 2025, and the proliferation of insider trading cases across sports and corporate prediction markets as event markets expand to cover everything. Frames this as a structural shift rather than a cyclical bubble.
No technical background needed