A recent Bloomberg article highlights the recent and “remarkable shift in market composition” reporting that retail investors now account for a fifth of the U.S. stock market’s volume, twice the number it was ten years ago.

The article reports, “Judging by turnover, leverage deployed and new account openings at online brokerages such as Robinhood Markets Inc., the U.S. is starting to resemble China, where retail investors can account for as much as 80% of total trading.”

Increased retail participation is a good thing, the article contends, noting that “day traders sifting through online chat rooms make pricing more efficient.” It cites China as an example: “Despite its reputation for exuberant turnover, the mainland market can be surprisingly rational,” adding that Bloomberg analysis reflects how over the past three years, Chinese investors have focused on earnings revisions, profitability and “what equity analysts have to say.”

The same has not been true for the U.S. market, however, where the article reports that money managers “overwhelmingly chased growth stocks, tossing aside important financial signals that China’s day traders valued, such as earnings revisions or the health of a company’s balance sheet.”