No Excuses Posted January 28, 2021 Author Share Posted January 28, 2021 32 minutes ago, stevemcqueen1 said: This is a goldmine. Reddit is swept up in gold fever. The democratization of the market via no-fee investing apps plus investment advice/culture spreading chaotically through social media platforms with no entry barriers is colliding with this sort of working class hopelessness and populist zeal for striking a blow against wealth inequality. This feels dangerous. There is going to be a big push by the finance sector to make their activity even more opaque to the public. Millions of people coordinating in concert to tank hedge funds within weeks is not going to sit well with our oligarchs. 3 Link to comment Share on other sites More sharing options...
Burgold Posted January 28, 2021 Share Posted January 28, 2021 3 minutes ago, No Excuses said: There is going to be a big push by the finance sector to make their activity even more opaque to the public. Millions of people coordinating in concert to tank hedge funds within weeks is not going to sit well with our oligarchs. That's one way to look at it. The other is that this seems to be the grossest sort of market manipulation. Neither this stock nor Bed, Bath, and Beyond, nor AMC Theaters deserve this valuation under any metric or forecast of growth and profit. Link to comment Share on other sites More sharing options...
No Excuses Posted January 28, 2021 Author Share Posted January 28, 2021 (edited) 6 minutes ago, Burgold said: That's one way to look at it. The other is that this seems to be the grossest sort of market manipulation. Neither this stock nor Bed, Bath, and Beyond, nor AMC Theaters deserve this valuation under any metric or forecast of growth and profit. What an over exaggeration. it’s a bunch of millennials on a subreddit talking to each other and just saying “we like the stock” and posting diamond and rocket emojis. Instead of calling them gross market manipulators, consider for a second why they can even be in a position to take a ****ty stock like GameStop and sky rocket it to where it is now. The answer is that Wall Street has a history of doing moronic things and getting bailed out, and it has to this point never faced this kind of coordinated attack against their incompetence by completely average people. Edited January 28, 2021 by No Excuses 2 1 Link to comment Share on other sites More sharing options...
No Excuses Posted January 28, 2021 Author Share Posted January 28, 2021 WSB went from 1 million subs to almost 4 million in less than a week. Lots of people probably opened Robinhood accounts. Millennials to this point have been mostly locked out of institutional finance and this is really the launch of a phenomena no one anticipated. Instead of hating, I find this is utterly fascinating. Democratized FinTech for a generation that is drowning in student loan debt and stagnant wages, that has now seen two major recessions in the first 10 years of their working careers. No one knows where this is going but it’s going to be a wild ride. 2 Link to comment Share on other sites More sharing options...
Destino Posted January 28, 2021 Share Posted January 28, 2021 23 minutes ago, No Excuses said: There is going to be a big push by the finance sector to make their activity even more opaque to the public. Millions of people coordinating in concert to tank hedge funds within weeks is not going to sit well with our oligarchs. This one move probably got more attention from the people that matter than “occupy wall st”. 4 Link to comment Share on other sites More sharing options...
Barry.Randolphe Posted January 28, 2021 Share Posted January 28, 2021 WSB is back up and stonks are recovering nicely Link to comment Share on other sites More sharing options...
dfitzo53 Posted January 28, 2021 Share Posted January 28, 2021 6 Link to comment Share on other sites More sharing options...
No Excuses Posted January 28, 2021 Author Share Posted January 28, 2021 WSB is back online at Reddit. Go enjoy the memes, however short lived they might be. Link to comment Share on other sites More sharing options...
Going Commando Posted January 28, 2021 Share Posted January 28, 2021 20 minutes ago, No Excuses said: What an over exaggeration. it’s a bunch of millennials on a subreddit talking to each other and just saying “we like the stock” and posting diamond and rocket emojis. Retail investors like them are going to be villainized and blamed for any sort of broad negative consequences from the instability of the stock market and used as an excuse to make some kind of "reform" that will just hurt the working class even more. I don't know how it's going to happen, I just feel certain that it will. The subculture of the WSB community is so weird and alienating that it's bound to get used against them somehow. 1 Link to comment Share on other sites More sharing options...
No Excuses Posted January 28, 2021 Author Share Posted January 28, 2021 12 minutes ago, Destino said: This one move probably got more attention from the people that matter than “occupy wall st”. Can’t wait to hear a bunch of crusty old senators in a hearing on this asking questions about diamond hands, paper hands, “retards” and autists”, ape emojis and taking rocket ships to the moon. 3 Link to comment Share on other sites More sharing options...
Destino Posted January 28, 2021 Share Posted January 28, 2021 3 minutes ago, stevemcqueen1 said: Retail investors like them are going to be villainized and blamed for any sort of broad negative consequences from the instability of the stock market and used as an excuse to make some kind of "reform" that will just hurt the working class even more. I don't know how it's going to happen, I just feel certain that it will. The subculture of the WSB community is so weird and alienating that it's bound to get used against them somehow. They’re going to be blamed for hurting the public when the stock craters at some point and a bunch of regular people get on the news and recount how they lost their money in all the excitement. That’s coming. Link to comment Share on other sites More sharing options...
Going Commando Posted January 28, 2021 Share Posted January 28, 2021 32 minutes ago, No Excuses said: WSB went from 1 million subs to almost 4 million in less than a week. Lots of people probably opened Robinhood accounts. Millennials to this point have been mostly locked out of institutional finance and this is really the launch of a phenomena no one anticipated. Instead of hating, I find this is utterly fascinating. Democratized FinTech for a generation that is drowning in student loan debt and stagnant wages, that has now seen two major recessions in the first 10 years of their working careers. No one knows where this is going but it’s going to be a wild ride. There was a popular subreddit a couple of years ago called something like meme economy where the members satirically treated meme templates/formats as stocks that was pretty funny. I guess we should have known that it was only a matter of time before stocks themselves became the memes. Mass psychology is ****ing wild. It's fascinating but also terrifying to live at a time when the social order is being so thoroughly and rapidly transformed by technologies. 1 Link to comment Share on other sites More sharing options...
ExoDus84 Posted January 28, 2021 Share Posted January 28, 2021 10 minutes ago, Destino said: They’re going to be blamed for hurting the public when the stock craters at some point and a bunch of regular people get on the news and recount how they lost their money in all the excitement. That’s coming. The pitfalls of investment; It's a zero-sum game. Anytime you win, another has lost. Link to comment Share on other sites More sharing options...
ixcuincle Posted January 28, 2021 Share Posted January 28, 2021 cat made 65m...65 MILLION dollars on GME stock to be fair he did buy 50k worth of shares last year but the fact that he could FLIP that into 65m is insane people 65m is more than many of us will se ein our lifetime that is insane 1 Link to comment Share on other sites More sharing options...
Destino Posted January 28, 2021 Share Posted January 28, 2021 1 13 Link to comment Share on other sites More sharing options...
Captain Wiggles Posted January 28, 2021 Share Posted January 28, 2021 2 Link to comment Share on other sites More sharing options...
Going Commando Posted January 28, 2021 Share Posted January 28, 2021 Is there a real benefit to the public interest for why shorting stocks is legal? Link to comment Share on other sites More sharing options...
DCSaints_fan Posted January 28, 2021 Share Posted January 28, 2021 1 hour ago, stevemcqueen1 said: Retail investors like them are going to be villainized and blamed for any sort of broad negative consequences from the instability of the stock market and used as an excuse to make some kind of "reform" that will just hurt the working class even more. I don't know how it's going to happen, I just feel certain that it will. The subculture of the WSB community is so weird and alienating that it's bound to get used against them somehow. Is it really any worse than Jim Cramer's screaming antics? Bottom line for me, unless you are acting in inside info, or something like acting as a fiduciary, seems fair game to me. Shorting stocks is more akin to gambling than genuine investment. If you get your fingers burnt playing these games, well too bad for you. 2 1 Link to comment Share on other sites More sharing options...
Going Commando Posted January 28, 2021 Share Posted January 28, 2021 2 minutes ago, DCSaints_fan said: Is it really any worse than Jim Cramer's screaming antics? Bottom line for me, unless you are acting in inside info, or something like acting as a fiduciary, seems fair game to me. Shorting stocks is more akin to gambling than genuine investment. If you get your fingers burnt playing these games, well too bad for you. I 100% agree. But the institutional wealthy are the ones who have the capital to short stocks and they also control the government and the media, and they are going to use their power to craft perception and get bailed out as well as punish the little people who made them pay for the risks they took. Link to comment Share on other sites More sharing options...
Momma There Goes That Man Posted January 28, 2021 Share Posted January 28, 2021 4 Link to comment Share on other sites More sharing options...
Fergasun Posted January 28, 2021 Share Posted January 28, 2021 My kids are getting spammed in their Tik Tok trending on Gamestop and stock news and begging me to let them trade in AMC, etc. Funny how this barrage happened after I told them about it last night... yeah, their phone isn't spying on them. Link to comment Share on other sites More sharing options...
Going Commando Posted January 28, 2021 Share Posted January 28, 2021 Why were these hedge funds behaving so irrationally in the way they shorted GME? They were trying to destroy the company? Personal vendetta? Link to comment Share on other sites More sharing options...
PF Chang Posted January 28, 2021 Share Posted January 28, 2021 I bought 195 shares of Gamestop at $88.25 and sold them at $109.31, in the process learning it's possible to feel sick about making $4,000. I bought 598 shares of Express at $3.32 and sold 300 of them at $11.25. I am in on Blackberry and Nokia and regret that I didn't invest in a chain of movie theaters during a pandemic. If there are any other companies from the 2000s I can invest in please let me know. I feel like the meme of a dog staring at a PC monitor saying I have no idea what I'm doing. But I'm having a great time!! 1 3 Link to comment Share on other sites More sharing options...
TheGoodBits Posted January 28, 2021 Share Posted January 28, 2021 25 minutes ago, stevemcqueen1 said: Why were these hedge funds behaving so irrationally in the way they shorted GME? They were trying to destroy the company? Personal vendetta? It was a reasonable short position... gotta imagine Gamestop doesn’t exist in 2 years. They didn’t and couldn’t have counted on a virtual army of day traders conspiring to drive the price up. 1 Link to comment Share on other sites More sharing options...
The Evil Genius Posted January 28, 2021 Share Posted January 28, 2021 (edited) Aren't you paying short term cap gains tax on that 4k, PF? So depending on your tax bracket, it could be as low as 2.5k? Edited January 28, 2021 by The Evil Genius Link to comment Share on other sites More sharing options...
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