I'm seeing this chart being passed around to justify retail beats institution.
Yes, we know retail bought the dip, but they also use like to use discount brokers (Robinhood, Moomoo, Webull, etc) whose orders are
sold to market makers that PFOF (Virtu Financial, Citadel).
These market makers are front-running retail orders and use massive leverage beyond what retail can get. It's these market-maker institutions that are not featured in the equity allocation that are also trading opposite the traditional fund managers.