I'm not sure I agree. I generally agree with Buffett on it: "diversification is protection against ignorance. It makes little sense if you know what you are doing."

If a person is willing to spend time learning some the basics of finance, and learning about different companies, I think they would be fine with just picking a few stocks. They just need to be watched carefully. As they start to have more capital, they should look to diversify and look to take on less risk.

Plus, everyone wants different things. Many on /r/wallstreetbets see gambling on the stock market as a way to improve their lives, and I don't think it is the worst option. A risky stock investment is better than wasting money on a sports car or something.

In general, I think when you are very young a very risky investment is not a bad thing. As long as the money isn't needed for other things.

I'm not arguing about picking stocks as an investment option. I'm arguing that the "common knowledge" that younger people should pick risker investments is because they have the years to survive short-term bear markets. They don't need conservative parts of their portfolio to protect against short-term recessions.

I just feel like I'm starting to see more people throw around the "I'm young so I can make riskier investments" excuse when they put all of their investment money into a select few long shot stocks, and still make out worse than any simple fund.

Warren Buffett knew what he was doing, but the median Robinhood trader doesn't.

Plus no one says you have to be 100% conservative.

I do dumb stock purchases but I also own shares of indexes. There is nothing wrong with a "YOLO" into a stock or option you believe in as long as you can afford losing it.

Yes, there is nothing wrong with gambling, so long as the amounts are affordable. This is less of a defense of Robinhood than it might seem...