As the story goes, one day in 1929, Joe Kennedy is getting his shoes shined. The boy began to give stock tips as he polished Kennedy’s oxfords. In that moment, it struck Joe that he needed to leave the market.

In the US, its called the Robinhood phenomenon. Millions of millennials pouring into the stock market using their no-fees app. The markets are crowing at the boom its causing in stock prices, especially in Tech stocks.

In Australia, its apps like Hatch and in NZ, it has Sharesies.

NZ’s Businessweek revealed that the Sharesies impact is in just a few years, the number of trades on the NZX has increased by 400% and the average trade value has dropped by 400%.

A number of people have commented that they are now in the stockmarket because of these apps. They smile as they relate their positive results and look surprised when I quiz them about their knowledge of the underlying companies and the business of share trading. They are totally ignorant.

Its a disgrace.

The professional financial world should be ashamed of themselves. They are actively encouraging millions of people to ignorantly bet on the stock market like in the 1920s.

Anyone with any historical knowledge knows how this will end. So the professionals have allowed it, ney encouraged it to happen. Shame on them. Especially the financial commentators.

The stock market is way past bubble level. And now the ignorant masses are getting involved. Right at the end. Just before the correction.

Its Pyramid Scheme on a national level. The professionals scalping the ignorant many. A game of ‘last fool buyer’ so unethical and dangerous to the economic health of country, I am appalled.

Look at the Nasdaq graph below. If you knew anything about share investing, would you suggest your young adult children to be buying this market? The stock market is based on economies going into recession. It should be going down or at least soon will be!

Of course you wouldn’t. Therefore, the financial market ‘professional’ community have yet again shown themselves to be totally without ethics.

I write this so I can say ‘I predicted the carnage’. I get no joy.

In 2021/2, When the market corrects, these lemmings will panic sell, accelerating the correction. The professionals will simply step out of the way and let these fools fall.

The markets, government, media, etc will [again] simply say ‘you should only have invested what you could afford to lose.’

Which is an appalling copout as this statement infers that they should have treated this like a gamble and thus the stock market is not a professional ethical trading market, rather a race track. Where were the professionals waving the red flag saying ‘Beware! Don’t do it!’

The Robinhood Millenial Generation will lose investment capital they don’t have. They have only 3.4% of the total wealth of the USA. Boomers have 63%.

And their generation will forever swear off share investments, like my parents ‘Silent’ generation who wore the 1987 crash.

I have these apps. They are so user friendly. The share market looks so much fun. The boom in prices is fantastic. I just sold all my shares.

Please share this with any friends who are gambling on these apps. Just so you can say ‘I told you so’ when they are crying into their decaf lattes when this all turns to custard.

In Millenial speak ‘Drop Mic’.

A personal note. My books have sold 2million copies in 20 languages in the areas of mass market financial opportunities. I have been involved with speculative markets for 30 years. I was a pioneer of derivatives in a London investment bank in the 1980s. Listed two companies on the entrepreneurial London stock exchange in the ‘Dot Com’ boom. Traded in the Commodity stock boom in the 2000s and have been full-time in Crypto for 5 years. I know the ‘madness of crowds’.

I am Financial Futurist, Educator & Entrepreneur. Multi-million selling author in 20 languages. The Future of Crypto book coming.