Retail investors are leading the historic rally: Retail's favorite stocks are outperforming mutual fund favorite names by +11 percentage points so far in April. This puts retail on track for their best relative month since November 2020 after 5 consecutive months of relative underperformance. As a result, the basket of stocks most favored by retail investors has rallied +22% since late March. Furthermore, the Meme Stock ETF, MEME, has surged +56% since March 31st, on track for its best monthly performance since its inception in October 2025. Bullish retail investor sentiment is surging.(The Kobeissi Letter)