depth, page-41

Max,

You are using certain language to describe notions that are far from certain.

Why wouldn't institutional trading make up the majority of trades? The 'institutions'' (which mind you isn't exactly definitive in terminology) account for the majority of holdings for majority of stocks on the exchange. It stands to perfect reason 'they' would dominate.

Perhaps a better thought: what is the motivation of the author of the document you describe? Did this person not also play an instrumental part in setting the expectation bar too high in the first place? Wrong first time around. And wrong the second. Not an enviable track record to follow, to be frank.