![]() When Robinhood was launched in 2013, its disruptive coup was to offer commission-free trades - a move other so-called discount brokerages followed to remain competitive. In a working paper, Welch says that during the three past years through August 2020, the stocks owned by customers of the popular mobile trading app Robinhood (RH) outperformed the broad market. ![]() UCLA Anderson’s Ivo Welch pushes back against the notion that retail investors are investing patsies. The behaviorally disadvantaged individual investor (buy low and sell high is easy to grasp and hard to do) is often portrayed as the hapless schnook that Wall Street and professional day traders make their profits off of. Individuals using the Robinhood trading app appear to beat the market
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