Did Robinhood investors flee in the Covid Crash?
No! They stayed (and thus presumably did well after as the stock market roared to all-time highs).
What kind of stocks do Robinhood investors hold?
This is relative to stock market-cap. No, Cannabis stocks are not their biggest holdings. Cannabis is more an “experience” or “curiosity” holding.
How would Robinhood investors have done over longer time frames?
Using trading volume as well-fit proxy,
Miserably in 2000 (the year of the tech collapse), but quite well otherwise. Spectacularly well in 1999 and 2009.
Yes, Robinhood investors did some weird stuff, but their collective crowd consensus portfolio is not as crazy as often portrayed. It also did not do poorly.