This time last year, millions of amateur investors leapt in to risky corners of US financial markets in pursuit of riches, firing shares in downtrodden retailer GameStop thousands of per cent higher and leaving professional fund managers baffled.
Now investors large and small are watching the bets that defined a speculative craze deflate as the Federal Reserve retreats from the stimulus programme that has kept markets flying high for close to two years.
Prices of meme stocks, cryptocurrencies, cannabis companies and blank-cheque vehicles known as Spacs have all tumbled as the air hisses out of the assets that encapsulated that furious rally, leaving no doubt that the game in markets has changed.
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