RobinHood (HOOD) was supposed to redo the way people “did” trading by removing what was considered the old stuffy Wall Street way of doing things by effectively gamifying trading. Perhaps not today.
What the likes of HOOD, PTON, and ZM demonstrate is that the one constant in markets is that history repeats. Irrational exuberance is replaced eventually by fear. The collapse in the pandemic darlings is very much akin to what was seen during the Dot com boom two decades ago – each decade a new generation of investors turn up to repeat the lessons of the previous generation.