It’s easier to explain retail trading of penny shares as a hobby than an investment. There’s a gambling aspect, sure enough. Sometimes a stock will double, or halve, or wipe out when the CEO runs off to Greece. Those kinds of events are occasional, however, whereas the hobbyist aspects are constant. Most of the enjoyment derived from penny-stock ownership seems to come from poring over the literature, fighting on message-boards, and badgering interested parties.
FT Alphaville last year…
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https://www.ft.com/content/5acb33a2-4690-4f56-add3-7e2b01530a21
