Here, we use these holdings data to look at patterns of millennial individual stock preference.

Holdings Data The number of holders of each individual stock in the S&P 500 was extracted from Robinhood on 21 May 2018 after market close.

To give some color to this correction, on average a stock with a market cap of $100B had ~10,000 holders while a stock with a market cap of $10B had ~250 holders.

These findings align with the general impression of millennial investors as having a strong technology stock preference.

The most startling result is how much the amount of buzz a stock is getting relates to its over-investment by millennial retail investors.

The implication here is not that SA is influencing stock holdings, but that the amount of the general buzz around a stock is a huge influence on whether investors buy a stock.

Takeaways for the Retail Investor Retail investors should ask themselves why they are investing in an individual stock.