Not sure I follow your logic here. Are you suggesting discount...

Not sure I follow your logic here. Are you suggesting discount brokers (SelfWealth specifically) have a higher proportion of investors with bad outcomes than say higher fee brokers like the banks?

Maybe. Although I can't think of any reason why this might be the case. It's relatively straightforward to compare individual stock ownership for SelfWealth account holders with the wider investment community.

Interestingly both VGS and VDHG are very (very very) highly represented in the SWF investor community suggesting that while there may be some traders there is a good (higher on average) portion of conservative investors (which SelfWealth to their credit have tried to educate with podcasts and the like).

It's definitely possible to fritter away money on investments but that was always a risk if one wanted the returns from a CSL, CBA or host of other companies. What SelfWealth has facilitated is simply to allow more investors a way to achieve this without one of the banks clipping a big chunk of the ticket.

And yes SelfWealth itself has been a poor investment to date but I'm happy to be philosophical as it's facilitated a bunch of investments that haven't been.