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So the retail participation in general, I would say the last year plus feels very much like the environment we had in say 1998, 1999, 2000. Can you just talk, generally speaking, how unprecedented, how different is this from the perspective of you, a guy who runs a trading desk for a very large asset manager.ĭragan Skoko: Sure. But at least this time it's mostly just impacting people who invest in the stock market and it's not about a pandemic per say.īut I guess, let's start on a very high level with you on this whole retail Robinhood trade phenomenon that's going on. And as usual, it only can happen when the world is going completely topsy-turvy. He has since moved on into private consulting practice, and he is also a visiting fellow at Duke University School of Law.ĭragan, it's so great to have you back on the podcast. Now John is the founding chief of the US Securities and Exchange Commission's Office of Internet Enforcement. Then from outside of Mellon, we will bring you John Reed Stark. And he's going to describe what's happening today from a trading perspective and some of the distortions he's seeing, and how a guy like him can deal with this. From inside of Mellon, we're bringing back the inestimable Dragan Skoko who is Mellon's head of trading and analytics, who many of you may recall was our guest during the height of the first wave of the COVID-19 pandemic. So we wanted to put together an all-star guest list today to help you, our fair listener, better understand just what the heck is going on here and where it could all go, perhaps even more importantly. Rafe: Yeah, I think that sums it up pretty well, Jack. It was safe to say a quintessential 2021 story filled with social media wars, political grand standing, David versus Goliath comparisons and more. Meanwhile, as the hedge funds sought liquidity, they were selling long positions, which created a downdraft in stocks, nowhere near the meme trade, and all throughout this, high frequency trading shops started to get involved, grabbing capital gains along the way, and creating further price and volume distortions. As some stocks soared skyward, hedge funds with short positions in those stocks began to feel some serious pain, prompting, many to cover at any cost, which compounded the skyward movements. As you likely know, Rafe and I like to bring you folks thoughtful, candid, journalistic discussions on substantial themes impacting public markets' investors, and while the biggest, beefiest theme out there right now has got to be what some are calling the meme trade or the Reddit trade, the retail rebellion, the Robinhood revolution. Jack Encarnacao: And I'm your other cohost and investigative researcher, Jack Encarnacao. I'm your co-host Rafe Lewis, Mellon's Director of Investigative Investment Research.
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