[Video｜Robinhood Founder: The Real 'Smart Money' Might Actually Be Retail Investors] On July 6, Robinhood founder Vlad Tenev stated during an appearance on 'The Master Investor' podcast that more and more people are beginning to realize that retail investors might actually be the real 'smart money.' In his view, institutional investors often focus excessively on macro indicators like tariffs and interest rates, and may even sell fundamentally strong companies due to portfolio rebalancing. On the other hand, retail investors' logic is often more straightforward—looking at whether a company's operations are improving, whether its products are excellent, and whether revenue and profits are growing. For this reason, retail investors are sometimes better able to withstand short-term volatility and seize opportunities during market panic when fundamentally sound stocks are undervalued.