Retail investors have faced a challenging year, with average portfolios down nearly 2% year-to-date. This marks the potential for a fifth consecutive year of underperformance against the S&P 500, as mom-and-pop investors have lagged behind the index for the last four years. Additionally, retail trading activity in options has decreased, with their market share dropping from approximately 20% to 17%, the lowest level since November 2023. This decline in activity coincides with significant losses in U.S. tech stocks. In a broader context, 2024 has been noted as the 14th consecutive year where the majority of fund managers have underperformed the S&P 500. Over various time frames, 85% of fund managers underperformed over three years, 90% over 15 years, and 92% over 20 years, highlighting a persistent trend of underperformance among stock-picking professionals.