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The recent hype around Reddit's WallStreetBets (WSB) community has inspiredresearch on its impact on our economy and society. Still, one importantquestion remains: Can WSB's community of anonymous contributors actuallyprovide valuable investment advice and possibly even outperform top financialinstitutions? We present a data-driven empirical study of investmentrecommendations of WSB in comparison to recommendations made by leadinginvestment banks, based on more than 1.6 million WSB posts published since2018. %enriched with stock market data. To this end, we extract and evaluateinvestment recommendations from WSB's raw text for all S&P 500 stocks andcompare their performance to more than 16,000 analyst recommendations from thelargest investment banks. While not all WSB recommendations prove profitable,our results show that they achieve average returns that compete with the bestbanks and outperform them in certain cases. Furthermore, the WSB community hasbeen better than almost all investment banks at detecting top-performingstocks. We conclude that WSB may indeed constitute a freely accessible,valuable source of investment advice.

Democratization of Retail Trading: Can Reddit's WallStreetBets Outperform Investment Bank Analysts?