In days gone by, brokers usually charged an "odd lot differential" if you traded less than an even hundred shares. The differential was an extra 1/8 per share paid to some middleman to trade a round lot and split out the number of shares you wanted to trade.
Hence, small investors were sometimes called odd lotters.
As today, blocks of shares are traded at the same pricing regardless of size, these terms are mostly of value for their historical implications.
Compare: odd lot
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