181–190 of 277 posts
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Good idea. I'll do a quick ninja update.
How did you come to the “autism” conclusion, was that meant to be read clinically?
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And yet, education, healthcare, and housing raced away from wages. I'm not here to argue a failed economic system in this thread, but the motivation behind wsb's nihilism is exceptionally clear. https://www.pewresearch.org/fact-tank/2020/09/04/a-majority-... (A majority of young adults in the U.S. live with their parents for the first time since the Great Depression) https://www.cnbc.com/2019/02/11/this-is-the-real-r…
Housing is a tough one; houses on average cost the same amount on an inflation adjusted basis per square foot as they did in the 1970s. However, houses are on average twice as big as they were back then, and contain far fewer occupants on average, too. In 1970 the average household was 3.14 people, today it's 2.5 people. [edit] There's a lot of reasons for the increase in the actual price of accommodation. They're la…
I don't know anything about WSB, but how does: > It’s a bunch of autistic losers that live in their mom’s basement who are gambling what little money they have to try and become rich to live lifestyles of hedonism square with "These people were involved in very meaningfully moving a stock price around" ?
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>Taking credit card advances to YOLO into short-dated OTM call options is drug-addict level desperation. It's actually somewhat rational. Say you just graduated college and make 30k as a waiter. You scrape together savings, loans, CCs, etc. and pull together 20k. Take that to Robinhood 2-3x it with margin and place a 50k bet that has a 8% chance to pay off 10x. If you "win" you're up 15 years of wages or more. If you…
A 92% chance of bankruptcy (to use your example) seems like a poor idea. Its not about the outcomes of winning vs losing, the smart move is to not play. A college graduate hopefully will not be making $30k/yr for too long, and being almost completely cut off from credit for a decade is really going to sting when they do want to finance a car or other large purchase.
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And yet, education, healthcare, and housing raced away from wages. I'm not here to argue a failed economic system in this thread, but the motivation behind wsb's nihilism is exceptionally clear. https://www.pewresearch.org/fact-tank/2020/09/04/a-majority-... (A majority of young adults in the U.S. live with their parents for the first time since the Great Depression) https://www.cnbc.com/2019/02/11/this-is-the-real-r…
Education only makes up 2.3% of household expenditures and healthcare 8.2%.[1] You're cherry picking and ignoring strong deflationary pressures increasing the affordability of food (13% of expenditures), clothing (3%), transportation (17%), utilities (6.5%), entertainment (5%), and furniture and appliances (3.3%). As for housing, the cost per square foot, adjusted for inflation, is only 12% higher than it was in 2000…
I'm not ignoring these at all, and it should be clear where these lie on Maslow's hierarchy versus shelter, healthcare, and earning potential (education) [1]. Mortgage rates being low only means you're bidding up scarce assets further by borrowing with the little income you have. This attempts to sell affordability in the same way a car dealer salesperson sells you on the payment, not the price.
And transportation? The average price of a new car just surpassed $40k [2]. There's a reason 7 year car loans have become common [3].
[1] https://www.reuters.com/article/us-usa-fed-dudley-ipad/ipad-... (“I can’t eat an iPad.”)
[2] https://www.usatoday.com/story/money/cars/2021/01/07/new-car...
[3] https://www.npr.org/2019/10/31/773409100/the-7-year-car-loan...
This post is a great tutorial in why we shouldn't derive meaning from expressed language. Imagine if you sat in a room of software engineers and tried to make conclusions about their life views based on their jargon: "I think what they're saying is you just need to form a single value store and react to it, dividing life into small composable micro components that are DRY. We can really comprehend how this minimalism…
Language like WSB uses is meant to amuse edgelords and (hopefully) upset 'normies'. When normies are offended by cavalier use of slurs and labels (and if you're offended, you're by definition a normie), the edgelords point and laugh at the normie who doesn't share their same nihilistic worldview. WSB is what happens when immature, nihilistic, overly online middle class boys grow up into immature, nihilistic, overly o…
it's not quite true, and reducing a whole lot of people into one easy bucket dumbs all of the conversations down. IMO wsb is pretty riveting, and i would love to hear more nuanced takes on the sociology/mindset behind these types of communities, especially the legality when it comes to the market and what the future holds. at what point will WSB become illegal in the way that it moves stocks around? etc.
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I posted a quarter million GME YOLO on WSB over a week ago and it was real (ended up making around $300k and I only have 1000 shares left, so even if it went to $0 right now I'd still have a nice profit)
Don't forget about taxes if it wasn't in a retirement account.
With interest rates at 0% and a quarter of all US dollars in existence having been created in the last year, there is no other choice besides speculation to have any hope of getting ahead. Policymakers have made quite clear that "work hard, save money" is a suckers bet.
have they? my meme positions have barely broken even this year, while the S&P 500 is up ~19% over the same time period. working hard and investing the bulk of my savings in broad market ETFs is working quite well for me so far.
Just for this year alone:
One person in a significant negative this year.
One with a small negative.
One with 45%+.
One with 77%+.
One with 110%+.
One with 247%+.
It is less about which specific "meme positions" you enter, but when you enter them and when you exit them. As well as predicting certain "meme positions" before they show up on WSB, but that one had a very small effect on our portfolios, given it is something really difficult to predict correctly. And mine you, none of us went full yolo wsb-style. None of us bet our life savings, we were just betting fairly consistently and on a lot of different things. And even the highest gainers never went full yolo and dropped more than 5-7% of their portfolio on their biggest bets
This post is a great tutorial in why we shouldn't derive meaning from expressed language. Imagine if you sat in a room of software engineers and tried to make conclusions about their life views based on their jargon: "I think what they're saying is you just need to form a single value store and react to it, dividing life into small composable micro components that are DRY. We can really comprehend how this minimalism…
Language like WSB uses is meant to amuse edgelords and (hopefully) upset 'normies'. When normies are offended by cavalier use of slurs and labels (and if you're offended, you're by definition a normie), the edgelords point and laugh at the normie who doesn't share their same nihilistic worldview. WSB is what happens when immature, nihilistic, overly online middle class boys grow up into immature, nihilistic, overly o…
WSB never had nihilistic worldview, there’s plenty of people supporting each other, there’s regular donations to charities, and etc.
WSB is just a tongue-in-cheek ridicule of the finance world, that’s it. Attempts to see some specific class of people lurking there is just not true at all and mostly people project their views on the finance world onto WSB as well while it’s a completely different thing.
Earlier quoted context omitted.
Language like WSB uses is meant to amuse edgelords and (hopefully) upset 'normies'. When normies are offended by cavalier use of slurs and labels (and if you're offended, you're by definition a normie), the edgelords point and laugh at the normie who doesn't share their same nihilistic worldview. WSB is what happens when immature, nihilistic, overly online middle class boys grow up into immature, nihilistic, overly o…
WSB is more about laughing at themselves rather than trying to amuse or offend someone. WSB doesn’t care much about so called “normies”, they have never attacked anyone outside of wsb and labels don’t spread outside of wsb either. WSB never had nihilistic worldview, there’s plenty of people supporting each other, there’s regular donations to charities, and etc. WSB is just a tongue-in-cheek ridicule of the finance wo…