Comments by "Samson Soturian" (@samsonsoturian6013) on "Bloomberg Originals"
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Dear Bloomberg,
Amateurs trading stocks is not remotely new, and in fact only in the 20th century was most trading done by professionals. For instance, in the Gold Rush days the formal exchanges that traded mostly large caps, while smaller and riskier ventures were traded down the street by street vendors hanging out near telegraph offices. Most of the shares and commissions were in cents in those days, hence the term "penny stock." If you go further back to the early days of stock exchanges, there were market venues reserved for "speculators of quality," but most shares were traded "over the counter." Literally, you'd buy them directly from the store owner, and trade them at taverns and with street vendors.
Period after the Great Depression was the era of strictly regulated markets where leverage was limited and all but professionals were restricted to low risk instraments like mutual funds. That era is over now, with common investors not only having access to professional automated markets, but having access to derivatives and short selling.
Sincerely,
A Historian
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