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Who you gonna believe, smart money or dumb money? There are times when the trading activity of smart money—that is, institutional investors, hedge funds and that illustrious ilk—differs markedly from the dumb money. On Wall Street, the latter is the less than respectful way the pros refer to the retail investor, and it has always...

‘Smart Money’ Vs. ‘Dumb Money’?; Both Buying Stocks
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Illustrations by Karl Wimer.