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The Battle of GameStop

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Re: The Battle of GameStop

#211

Post by PartiallyTyped »

viraptor wrote: post #47
pmorici wrote: post #22

Earlier quoted context omitted.

I wouldn’t compare what happened with GME to the lottery at least not for the people who understood why they were doing what they were doing.

It's still a lottery. They didn't know if there would be enough real following or if most people were just trolling. Even if they estimated that well, they still had no idea where the peak was.

Then you are not paying attention. The floating shares are fewer than the shorted shares. Even if all the floating shares were bought, there are not enough shares to cover the short's position.

Re: The Battle of GameStop

#212

Post by cableshaft »

watwut wrote: post #187
throwaway894345 wrote: post #87

Earlier quoted context omitted.

The argument is that we’re working to keep a roof over our heads now because we YOLOed through college. And while that doesn’t describe me, I had a lot of peers who partied through college, skipped classes, hardly worked, majored in women’s studies / art history / literature / etc and still managed to live in the dorms, buy daily lattes, have the latest iPhones, etc.

> partied through college, skipped classes, hardly worked, majored in women’s studies / art history / literature / Some of those things are not like the other. I studied computer science, plenty of people partied and as far as I can tell, people who studied humanities like literature had to work more. It was not easier major in terms of how much you have to work. I liked computer science, so I am always surprised abo…

I majored in Computer Science and minored in English, with a focus in literature. I can only speak for myself, but most of my Computer Science classes were nowhere near a cake walk, while I aced every single literature class, even the 300 level classes.

The only hard part about the literature classes was how much reading was assigned (often 300+ pages before the next class, per class, which might be 2 days later). But for the most part you could skim them just enough to take the pop quiz for the day and then get the parts the professor wanted you to know from the lectures, although I did my best to actually keep up with the reading. Tests and essays for lit classes were super easy for me, mostly just required parroting back what was covered in the lectures.

For Computer Science classes (in particular the programming assignments), if I couldn't figure out how to get something working, I ended up sitting in the computer labs for an extra 10-20+ hours until I could, because otherwise the best I could hope for on the assignment was a C. Professor's office hours were usually a joke for me, I even got told once "If you didn't get it in class I can't help you now," which I thought was the whole point of office hours. Didn't have Stack Overflow or Youtube or even very many tutorials online back then either to help out.

Also I had several friends who pursued various humanities majors, and it never seemed like they were ever as busy as I was. I even thought maybe I picked the wrong major at one point because I was spending so much of it stressed out about classes (that's actually the main reason I minored in English, I spent a semester only taking English classes, considering changing my major, but didn't end up doing it).

Re: The Battle of GameStop

#213

Post by PartiallyTyped »

in3d wrote: post #56
dvt wrote: post #6

> The same emotion that caused us to root for the thieves in Ocean’s 11 is what makes Wall Street Bets so enticing. Put frankly, Millennials are tired of getting fucked by the man. When you’re underemployed with $100,000 in student loan debt, your financial situation feels overwhelming. You really don’t want to take the advice of your parents or CNBC talking heads [5] to invest 10% of your salary for a 4% annual retu…

Getting rich through a greater fool theory and creating a bubble in a small stock is not something I’d be proud of. You’re sticking it to the least knowledge Johnny-come-latelies who will be left holding the bag. Thinking that you’re screwing Goldman Sachs is delusional.

Melvin Capital lost Billions last week alone. They needed to get bailed. You have been sold the narrative by the same people who screwed you in 2008. The bubble is the consequence of Hedge Funds getting greedy and repeatedly screwing a "dead company", by overshorting the shares.

Don't take my word for it, take Louis Rossmann's, somebody known to stand for the little guy.

https://www.youtube.com/watch?v=4EUbJcGoYQ4

Re: The Battle of GameStop

#214

Post by piva00 »

throwaway894345 wrote: post #87
willis936 wrote: post #42

Earlier quoted context omitted.

A whole generation is not YOLOing. We’re just trying to keep a roof over our heads.

The argument is that we’re working to keep a roof over our heads now because we YOLOed through college. And while that doesn’t describe me, I had a lot of peers who partied through college, skipped classes, hardly worked, majored in women’s studies / art history / literature / etc and still managed to live in the dorms, buy daily lattes, have the latest iPhones, etc.

> I had a lot of peers who partied through college, skipped classes, hardly worked, majored in women’s studies / art history / literature / etc and still managed to live in the dorms, buy daily lattes, have the latest iPhones, etc.

That's what you get when your system is designed to give money easily to young people who don't understand the consequences of major financial debt.

Blaming this on the individuals is leaving aside that there are huge incentives to behave like that in the US: lack of financial education during formative years, a society based on consumerism and status, a society which provides easy access to a huge amount of capital through student loans.

From the outside it looks extremely predatory, even more when this easy money flows into universities increasing tuition prices, the same pressures on housing prices get in play here, with the difference that a mortgage is potentially dismissable if you go into bankruptcy.

Re: The Battle of GameStop

#215

Post by TheSpiceIsLife »

esperent wrote: post #191
viraptor wrote: post #131

Earlier quoted context omitted.

With 1/300M you're likely thinking of a jackpot. Winning anything is much lower. Powerball is 1/38 for the lowest payout. And in the same way, there will be a lot of people around breakeven point in the GameStop lottery, some small winners and some people who are now set for life.

> Powerball is 1/38 for the lowest payout I'm not familiar with the Powerball, but I'm guessing that's for a prize of somewhere around $5 for a ticket price of $2. Hardly relevant, is it?

All those small wins fuel buzz / conversation, and likely increase participation.

Re: The Battle of GameStop

#216

Post by ALittleLight »

EdwardDiego wrote: post #50
trap_chateau wrote: post #11

Earlier quoted context omitted.

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.

/r/wsb has always struck me as being an offshoot of 4chan, with their self-labelling as autists and retards. And 4Chan a) isn't dumb, but they like doing dumb shit and b) they love brigading. Pool's closed etc. But what's interesting is how the institutional outrage is merely fuelling the brigading. The institutional investors crying in the media only confirms WSB's beliefs that they've found a weak spot in the insti…

The tagline for WSB is "It's like if you gave 4chan a Bloomberg terminal."

Personally, I'm buying in the money puts expiring in 2023. No way Gamestop is doing better now, or has a better future now, than it did five or ten years, yet their stock's at an all time high? These hijinks may continue for some time, but I doubt it'll last years, price will settle and I'll hopefully make a modest profit.

Re: The Battle of GameStop

#217

Post by PartiallyTyped »

chronolitus wrote: post #190
edgyquant wrote: post #77

Earlier quoted context omitted.

This is why I absolutely hate Wall Street bets and push back every time it’s brought up. The people usually winning there are people who work in finance and are pushing their stocks onto the unsuspecting folks who visit just for the memes. There is something suspicious about a sub where high ranking users often post there 100k robinhood accounts, and the SEC investing them every few months is proof I’m not the only o…

well past 100k now, u/WSBgod, u/DeepFuckingValue, and others are showing plays worth millions of $ some of these accounts "Rose up from nothing" by investing an entire portfolio of 50+ thousand dollars into extremely risky options. Either this is suspect or I'm out of touch with the average joe's risk tolerance.

u/DeepFuckingValue gave his DD, did his analysis and figured out the play. The fact that the shorts shorted 140% of the shares is their fault and nothing to do with insider information, it is all public, except of course for the blatant market manipulation by the same hedge funds, the naked short selling, the ladder naked shortselling, controlling the narrative, all the things people with billions in capital can and will do.

Re: The Battle of GameStop

#218

Post by PartiallyTyped »

shouldiquitamzn wrote: post #108
katbyte wrote: post #102

Earlier quoted context omitted.

No you gambled and got lucky. Good for you that’s great, but please recognize it for what it is. You played the market and won, just like people play the lotto, and some of them win too.

False. You have no idea about the trades I made. People are brainwashed, you can make money in the market. I made over 100 trades

People have been force-fed over and over that if they overpay their broker to have a 7% return yoy they will get to retire at 60 instead of 65. We have been repeatedly told by the same capitalists that make millions in a day that we are 'asking for too much' and that we are 'greedy'.

Honestly. Even if I lose everything (I am up >200%) in January alone, I will be glad to see those greedy jackasses bleed.

Re: The Battle of GameStop

#219

Post by ralfd »

taway0125210 wrote: post #161
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…

Here's my account, that might be survivorship bias. I also traded tech stocks and cryptos and was able to significantly beat the market on the former and quit (also from Amazon) a few years ago. I invested in NVidia after recognizing GPU shortages due to ML continuing hype. I switched to AMD after recognizing their Zen CPUs are slowly beating Intel. I switched to TSMC after realizing their accomplishments are signifi…

Can I subscribe to your newsletter? What is the next trend in your opinion?

Re: The Battle of GameStop

#220

Post by ALittleLight »

Clewza313 wrote: post #33

A couple of hedge fund managers shorting GME may have gotten kicked in the nuts, but Wall Street as a whole is laughing all the way to the bank. A friend of mine working at a high-frequency trading co says 2020 was their best year ever and by a long shot, because volatility plus clueless retail investors (yes, that means you, /r/wsb'ers YOLOing on Robinhood) means arbitrage and frontrunning rakes in money.

If only regulators would get rid of useless parasites and criminals like high frequency traders.
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