Just kidding, but wouldn’t that have been fun?
I missed out on getting in on this, but man is it fun to watch. I’m hoping Nokia and Blackberry follow suit!
A friend of mine is up $500k because of it. What a time to be alive.
@mikehallyall wow that’s incredible. Good for him and Reddit. I love how these fund managers are complaining because they’re getting beat at their own game. They can sit there and blah blah blah all over a segment on tv and try and manipulate it but when the little guy does it it’s fraud.
Thank Tesla for all these high valuations, since they rocketed up every sector startup has surged in ridiculous valuations, these Wall Street guys have no clue how to value these new game changing stocks, 2020 was a year where traditional valuation of stock didn’t mean anything. I love it, waiting for a huge pullback to buy some more Tesla, currently 426 shares sunk some good money into it in 2017, majority of my portfolio is in the s&p soon to be pulled out and sunk into some genomics.
Guaranteed return of 5% no matter what.
But they are between 5 and 7.5
I thought have stop went out of business
They almost did, streaming services are slowly replacing physical media such as DVD’s.
All this has nothing to do with the companies themselves. GME, AMC, NOK, NAKD, it’s all because the big hedge funds shorted their stock and large groups of people got together on things like Reddit and Twitter and started pumping up the stocks to make big gains and also stick it to the hedge funds. The hedge funds lose billions and are forced to buy the stock back at these insane prices which drive it up even more. Eventually it all comes crashing down and those who bought late into the rally will lose their asses.
Thanks for the cliff notes. I had been wondering what all the fuss was about, but not interested enough to read up.
I’m sure these guys see themselves as some sort of modern day Robin Hood’s, but I doubt they’re going to be giving their profits to the poor.
It may be “legal” but in my mind it’s still unethical, whether done by hedge funds or groups of little guys, to manipulate stock prices irrespective of the companies’ actual valuations.
Also, speculation investing is often a zero sum game. Someone had to lose in order for you to win. Longterm investments, on the other hand, can be non-zero sum. Everyone can win as the overall market grows.
Just my 2¢
Actually a lot of them have been donating their profits. A lot of them are small investors who are making some life changing money. Some have posted pics of paying off their college loans or other debts. What really irked them was that the funds had shorted 50% more stock than even existed for the sole purpose of trying to drive the stock down. Many of them are still bitter about the government bailing out the banks back in 2008 yet many of them their families were negatively impacted by the banks actions. So a lot of sides to the story. It just ticks me off that the media is all over these guys, but never mentions things the funds have done wrong.
And now today, all the brokerage firms limiting what the small guys can do which is forcing all the prices on all the stocks in play downward, so the little guys get the shaft again.
I heard Robinhood canceled several orders over night
Last summer wsb had about 1mil members, if I remember correctly, so I am sure we would likely disagree on what constitutes “a lot” of them.
I am sure that there are people who get lucky and make some (life changing) money, but that is a very slim minority. The people who are in fact making money are the ones manipulating the mobs.
Never mind that I wouldn’t trust much of what is posted on there anyway…
wsb has 2 million members now and counting. This type of price hyping has gone on in the penny stock world for years, people posting on financial boards trying to bump up a stock price a bit so they can sell it at a gain. It has never been so mainstream and blatant. Adding to the short seller’s problems was the fact that they were forced to buy gme on the way up to cover their losses! So, both the bulls and the bears were buying, pushing the price up. Then when it hit national media, it was a free for all. Entertaining to watch.
My take, to anyone who finds this “type of investing” appealing:
I am not a professional anything, but common sense tells me that there are two ways to make money from company stocks:
The company pays dividends out of profits, or you sell your shares for a higher price than what you bought them for.
Now thinks about this: in order to sell your shares for more than what you bought them for, someone else has to give you their money, and this cycle cannot continue indefinitely. That is close to a Ponzi/pyramid scheme. The last person to hold the shares would only be able to recoup their investment from company dividends.
But yes, I am enjoying the show as much as the next guy - couldn’t care less if the hedge fund that shorted GameStop goes under.
@Bounsoul They’ve more than doubled that number in the last few days lol 4.7m members now
Something you don’t see often. Ted Cruz and AOC both criticizing brokerages for restricting trading.
Looks like multiple outlets are blocking all buys for GME, AMC and another. Very shady.
@Racer’s breakdown was a good insight to the driving force behind this (I think). Interesting to watch.