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The Battle of GameStop

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Re: The Battle of GameStop

#141

Post by belval »

totalZero wrote: post #85
leowoo91 wrote: post #67

Earlier quoted context omitted.

You might got lucky or not, but your comment is very dangerous for the people who have no idea and haven't been in the field. FAANG compensation is not peasant to billions of people, so please don't do that.

I'd be interested in understanding how someone sharing their experience and opinion is dangerous.

No kidding, this is HN lol people talk about taking drugs to slow aging, building recycled battery packs, open-source sex toys and a lot of other marginal topics. That's why most people actually like this community.

People are adult, if a simple comment makes you YOLO your life savings on options you probably had a lot of issues to begin with.

Re: The Battle of GameStop

#142

Post by thick »

pyrrhotech wrote: post #133
nceqs3 wrote: post #116

Earlier quoted context omitted.

Ken Griffin made $6 billion during the pandemic. https://www.bloomberg.com/billionaires/profiles/kenneth-c-gr...

Yea and Elon Musk made 170B. Meanwhile, the average HN user probably made somewhere around 200k. I made 1.3 million last year. I know it's not a lot because I know people several orders of magnitude richer than myself, but I also know that there are risks worth taking in life, and no one becomes Elon Musk, Ken Griffin, DeepFuckingValue or even myself by calmly working a desk job. You have to have balls to really succ…

Can’t upvote this enough. HN has turned to shambles over the years as people here are way more concerned with “getting out” than they are with building companies. It’s not surprising the place is a cesspool of jealousy whenever someone succeeds.

I’ve called them out on this shit years ago. It still hasn’t changed.

Re: The Battle of GameStop

#143

Post by tempsy »

jeffbee wrote: post #136
tempsy wrote: post #103

I can make $200k selling covered calls every month with a few million in capital. Options prices are crazy right now. It makes you think about how silly money is.

OK but this is not exactly risk-free. You are on the hook for the downside risk of whatever you own behind those calls. Selling covered calls comes with a lot of exposure.

it’s safer than just holding stock which is what 99% of people do...so how is that more exposure than your average long retirement account?

Re: The Battle of GameStop

#144

Post by belval »

I feel like a lot of the commenters here either never actually went on /r/wsb or are trying to glorify it with a narrative that is absolutely disconnected from the real thing.

They are not somekind of community trying to "stick it to wall street", they are mostly just random people shitposting all the time, posting their gains and losses. Right now it's GME, before it was SPY/TSLA/NIO. No need to overthink it.

Sure the GME thing has an actual borderline smart twist to it which gives the entire community a different spin, but it's still just an outlier in the wsb timeline.

Re: The Battle of GameStop

#145

Post by jeffbee »

tempsy wrote: post #143
jeffbee wrote: post #136

Earlier quoted context omitted.

OK but this is not exactly risk-free. You are on the hook for the downside risk of whatever you own behind those calls. Selling covered calls comes with a lot of exposure.

it’s safer than just holding stock which is what 99% of people do...so how is that more exposure than your average long retirement account?

Well yeah. Obviously :-)

Re: The Battle of GameStop

#146

Post by glohbalrob »

jameshart wrote: post #137
shouldiquitamzn wrote: post #17

I’ve made millions on WSB options plays. I can finally quit my job and stop being a cubicle slave. The visceral reaction from the media on this is disgusting. Major hedge funds got caught on the wrong side of this, and have been making a huge stink about it. CNBC to the rescue, demonizing young middle class Reddit investors. This whole thing has opened my eyes to how even my FAANG compensation is peasant money, it’s…

You played a game, you played it well, and you won. Well done. But don't pretend that that means everyone can do it, because patently they can't: you won your bets, a bunch of other people lost theirs. No value that wouldn't otherwise have been created got made, you just shifted the balance of how the rewards are distributed in your favor, and away from someone else. As a system for distributing the benefits of econo…

same can be said about just about anything, no? running marathons, startups, cooking a great dish... No one on WSB is saying its for everyone, thats why they talk trash about themselves.

Re: The Battle of GameStop

#148

Post by konjin »

trap_chateau wrote: post #11
throwaway0a5e wrote: post #2

They're not winning. They're just minting a different set of losers and pushing the drawing out by a couple weeks. And Reddit being Reddit you can never really be sure whether organic interest is pumping the stock or if they are being manipulated by an astroturfing campaign. If day trading weren't a conflict of interest for me I'd be looking into doing something like that (and consequently not blabbing about it on HN…

I think I'm convinced of manipulation. The memeing and the gameifying investment, calling each other retards (because you, user, you don't know _anything_) and the long obscure unfalsifiable ramblings about predictions or valuable investments hitting the top of the page, it all just seems a little fishy to me.

That comes from chans, which the average wsber from 3 years ago would have spent their teen years in. It is literally men hitting middle age, finding they have more money than they know what to do with and shit posting with it.

This is said as someone who has made high six figures from yolo trades because I thought it would be funnier to lose the money than put it in a savings account.

Re: The Battle of GameStop

#149

Post by 3l3ssar »

ffggvv wrote: post #140
Spivak wrote: post #69

Earlier quoted context omitted.

I mean of course it doesn’t stay high once the shorts are covered. But everyone who sells to people with short positions will absolutely come out on top which is the point.

what about the wsb folks who were tricked into buying in at 150 today?

Anyone on WSB buying in at this price knows what they are getting into, there's no deception. It is clear you are betting on lots of other traders holding onto their shares, and hoping that the hedge funds are forced to cover and buy your shares back higher. It is also very clear at any time this could all come crumbling down.

The real concern I have is the millions of people who blindly trust a financial advisor fresh out of college, who has never made a profitable trade in their life. We've all been told to buy into indexes and that we can retire rich. What happens when the market doesn't grow for 10 years? Why should the market continue to grow if the US loses its economic superiority and population growth in the US slows?

At the end of the day, a share of a single stock is only worth what someone else will pay for it. The company or business behind a share does not matter for the average retail investor, since by owning shares they really don't control much of anything. This particular WSB saga is a bunch of people trying to force some hedge funds to pay them more money for their shares than they are worth. It is as simple as that.

Re: The Battle of GameStop

#150

Post by glohbalrob »

People and the media is not stating the simple fact that they short interest has been over 100% since June. I bought a bunch and told all my friends/family about it and everything laughed at me. Now those people asking me what they think about it.

Likely they started short positions around $10 in 2019, had a nice profitable trade, started to bleed out then doubled down and increased position as it picked up momentum. Now they are far over their head and from the looks of things, stock is going to $200.

Lots of people made tons of money shorting tesla. Until they didnt and stock kept doubling.

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