it’s not just the retail investors holding the bag. It’s anyone with a retirement fund.

I was thinking retail investors

whether individually or through an index fund

covered both. If you have any control over your retirement funds though, you can use that control to get out of the stock market if you want. So it isn't anyone with a retirement fund, just nearly anyone with a retirement fund.

He didn't make it into the s&p 500. NASDAQ bent over and opened wide though.