An investor who buys and sells securities in amounts smaller than a round lot. An odd-lotter is typically a small investor who lacks financial resources required to buy large portions of securities. Stocks are typically traded in increments of 100 shares, a quantity known as a round lot or board lot. The cost of round lots of a security may be beyond the means of an small investor, or may constitute a larger investment than the investor intends to make. Thus, the investor buys an odd lot. Examples of odd lots are 70, 110, and 240 shares. A study on the behavior of odd lotters (G. A. Drew) shows that odd lotters consistently sold when the market advanced and consistently bought when the market went down.