Young investors are turning to a new generation of stock pickers—many without formal training—for advice. For these would-be Jim Cramers, staying popular means never criticizing a meme stock.
“I used to spend three or four hours with one client talking to them about real estate they could buy for below market value, and if I was lucky, maybe after 90 days, that one person would turn into $10,000 dollars in revenue,” Mr. Paffrath said. “Today, $10,000 in revenue is a bad day for me. Influencing has crowded everything else out.”