An
investor who deals in
securities only occasionally, especially when he/she deals only in small quantities. Odd-lotters are also called (more formally) small investors.
Odd-lot theory holds that odd-lotters are both poorly informed and
risk averse; this theory encourages larger investors to do the opposite of whatever odd-lotters tend to be doing at a given time. This theory has little evidence to support it, and few have held it since the 1990s.