According to Goldman Sachs, a grouping of stocks favored by retail investors outperformed picks by hedge funds and mutual funds in the rally, as retail investors' stocks surged 61% since March 23, while hedge fund and mutual fund picks gained 45% (the S&P 500 rose 36% in the same period). That's made "the narrative of Main Street weakness vs. Wall Street asset inflation…misleading," strategists at the firm wrote in a note.

Retail investors outperformed in part because they were quick to snap up value stocks as the rally gained traction. While high-quality growth stocks outperformed as the market tanked and in the first few weeks of the

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