Kevin Duffy on the flawed ideology of the millennial trader

There are few certainties in life, among them death, taxes and the reluctance of young adults to accept advice from their parent’s generation (“OK, boomer”).  If severe losses of the past 12 months haven’t broken the resolve of the retail speculator, what will?  Why such conviction?  In a word: ideology.

Millennial traders have hardly been “milked” by Wall Street.  No one forced them to the craps table.  Instead, they were victims of an ideology that sees capitalism as exploitative, a view no doubt shared by most financial journalists...  Through their win-lose worldview, HODLers saw a chance to turn the tables on the wealthy fat cats; for a time it even worked.  Eventually the odds caught up with them and the dice came up snake eyes.  Yet when ideology was confronted by reality, many responded by going into denial.

~ Kevin Duffy, "The Hangover," The Coffee Can Portfolio, March 1, 2022