We thank John Campbell (discussant), Xing Huang, Edna Lopez Avila, Will Mullins, CameronPeng, Lin Peng (discussant), Alessandro Previtero, Marco Sammon (discussant), and DonghwaShin (discussant) for many valuable suggestions. We thank seminar and conference participantsat University of Illinois at Urbana-Champaign, University of North Carolina, NBER Big Data,University, FSU Truist Beach Conference, University of Toronto (Rotman), BehavioralNBER, and Adam Smith Workshop for many helpful comments. We thank eToro for graciouslyproviding their data. All remaining errors are our own. The views expressed herein are those ofthe authors and do not necessarily reflect the views of the National Bureau of EconomicResearch.