An economic comparison of where boomers were at the same age as millennials leads to only one conclusion: Millennials are screwed.
The big narrative in financial media for the last few weeks has been the insurgent Robinhood rally, led by the AC/DC-blaring Pied Piper Dave Portnoy, owner of Davey Day Trader Global Global (DDTG Global).
As people try to make sense of the strange retail trading phenomenon, one perspective is the participants (average age of 31 on Robinhood) are reacting to a market that has left them behind. In this view, they are assaulting the market with otherwise outrageous and ludicrous strategies because, otherwise, how will they get their piece?
This week’s Breakdown Weekly Recap looks at this in the context of some surprising (and frankly depressing) stats about the millennial generation’s current wealth, as compared to where boomers were at the same time in their careers.
This week on The Breakdown:
- A Bloomberg senior editor today argued there were six reasons why 2020 was bad for bitcoin. Here’s the opposite case.
- A leading independent financial analysis shares thoughts on the “Robinhood rally,” Fed policy and why Modern Monetary Theory (MMT) is already here.
- A conversation about pseudo-anonymity, global digital nomadism and the trader’s mindset.
- Persistent unemployment and fears of further layoffs are the real economic counterpoint to the financial market’s unbridled enthusiasm.
- From technology to aging demographics, some of the most important trends shaping the economy have been deflationary. What happens when that rapidly changes?