Howard A. Fischer was quoted in a Reuters article discussing GameStop champion Roaring Kitty. Keith Gill shot to global notoriety when his “Roaring Kitty” YouTube persona stoked a trading frenzy with bullish bets that propelled shares of retailer GameStop to eye-popping gains and saddled hedge funds that had bet against the stock with billions of dollars in losses.

Howard Fischer said it remained unclear whether Gill broke any laws. Yet he said his fanatical following among retail traders appeared to be based on “tribal identity” rather than economics, and was troubling.

“It might be too early to determine whether that was simply a fad that has now run its course, or whether it represents a fundamental alteration of market practice.”