Chamath Palihapitiya on Wallstreetbets [audio] • Hacker News Board

Re: Chamath Palihapitiya on Wallstreetbets [audio]

#61

Post by nemothekid » Wed, Jan 27, 2021, 9:05 PM UTC

in3d wrote: post #16

He didn’t have any answer as to the fate of new bag holders he created with his tweet. That was irresponsible. His plan to make hedge funds disclose their positions daily as some kind of a solution to overleverage makes no sense whatsoever. And he’s delusional about research skills of WSB posters as compared to Wall Street analysts.

>He didn’t have any answer as to fate of new bag holders he created with his tweet.

I don't know what answer you expect him to give. Are you saying that people shouldn't be allowed to tweet their trades? Also it's ridiculous to think WSB isn't full of bagholders - I've seen people blow up their accounts on completely ridiculous trades they had researched on their own. Are you saying people shouldn't be allowed to make bad trades?

Chamath answers the question correctly; the question you're asking implies that you don't think retail should be trusted to invest. If that's truly what you think then say it proudly.

Re: Chamath Palihapitiya on Wallstreetbets [audio]

#62

Post by UncleMeat » Wed, Jan 27, 2021, 9:05 PM UTC

epistasis wrote: post #49

Not a huge Chamath fan, but holy crap does destroy these utterly worthless CNBC questions. > "It doesn't mean that the investors that were short the stock were fundamentally wrong" - at around 28:00 Did he not hear that 136% of the shares were short? Anybody, LITERALLY ANYBODY who shorted past 100% deserves to lose everything. It's fundamentally stupid and fundamentally wrong. The shorts are not getting screwed, they…

But it isn't different to be the one who shorted past 100% and to be the one who shorted earlier when other people shorted past 100%.

Re: Chamath Palihapitiya on Wallstreetbets [audio]

#63

Post by bidirectional » Wed, Jan 27, 2021, 9:05 PM UTC

thunkshift1 wrote: post #28

xadhominemx wrote: post #19

Earlier quoted context omitted.

Nonsense

No, its not. Have you forgotten the bailouts already?

Which hedge funds received bailouts? This insistence on viewing Wall St as a monolithic entity is just asinine. I can assure you the investment bankers at Goldman are not losing any sleep over GameStop.

Re: Chamath Palihapitiya on Wallstreetbets [audio]

#64

Post by trhway » Wed, Jan 27, 2021, 9:06 PM UTC

to me it looks like a virtual "Occupy WallStreet". To scare and make squeal the fat hedge funds shorts. Kind of fun. It wouldn't last for long, though the shorts will probably be looking over their shoulders for years to come. The movement's rank-and-file will probably get hurt while the leaders will probably do fine. "Investing" is just not an applicable term here - i mean you aren't investing buying a ticket for rollercoaster ride, you're buying fun and amusement. Or a chance to make your voice and discontent heard. At least that is what seems to be sold to the rank-and-file.

Old school view here would probably see classic "pump-and-dump" by the few "leaders" who incited that frenzy. SEC though seems to lag far behind in understanding and dealing with the power of social media.

(Anyway, thanks for the surprisingly nice AMC ride, i happened to have a bit in a gamble that they would survive the lockdown. )

Re: Chamath Palihapitiya on Wallstreetbets [audio]

#65

Post by xadhominemx » Wed, Jan 27, 2021, 9:08 PM UTC

typon wrote: post #41

xadhominemx wrote: post #33

Earlier quoted context omitted.

Equity holders of defunct financial institutions were not bailed out in 2009. They suffered massive losses.

That's a slimy way of summarizing the situation

Why?

Re: Chamath Palihapitiya on Wallstreetbets [audio]

#66

Post by jgalt212 » Wed, Jan 27, 2021, 9:13 PM UTC

paulgb wrote: post #25

in3d wrote: post #16

He didn’t have any answer as to the fate of new bag holders he created with his tweet. That was irresponsible. His plan to make hedge funds disclose their positions daily as some kind of a solution to overleverage makes no sense whatsoever. And he’s delusional about research skills of WSB posters as compared to Wall Street analysts.

I anticipate ours won’t be a popular opinion on here, because the whole “stick it to the man” narrative is tempting, but I have to agree. I listened in on a Clubhouse room today where people were teaching each other how to options trade and I couldn’t help but think, these are the people, not Wall Street, who are going to be left holding the bag.

very true. I often think of Blackstone's mega home run trade with Hilton Hotels. They bought it at the wrong price at the wrong time (pre GFC). But someone, they were able to over-default on the debt and still retain control and when they ended up selling it was a huge home run for Blackstone. Of course, the original bond holders got the shaft.

Re: Chamath Palihapitiya on Wallstreetbets [audio]

#67

Post by nceqs3 » Wed, Jan 27, 2021, 9:16 PM UTC

The Chamath Craze is ridiculous. The guy is a stock promoter through and through. It's really sad to see people fall into this guys trap.

He has an incredibly story (coming from nothing) but lets look at his career:

He "leaves" (aka fired) Facebook for being a D*ck head. Nobody is willing to work with him because he is rude and a jerk. His direct reports would cry regularly. Steven Levy talked about this in his book on Facebook.

He starts a VC fund. The fund has no "major" wins. For a guy writing checks in 2011 he didn't get any of the big wins. The VC fund literally "burns down" as Axios put it because he divorced his wife and was chasing a girl in Italy rather than being in the office.

Now he SPACs worthless companies selling them off to retail traders who think he is Warren Buffett. He is a salesman. The guy is on CNBC every other day.

I get the "holding truth to power" narrative is attractive but Chamath is not our saviour. I would argue he is just as bad as any other hedge fund manager. Taking advantage of retail investors.

Chamath talking about protecting the little guy is like Steve Cohen talking about respecting securities laws.

Re: Chamath Palihapitiya on Wallstreetbets [audio]

#68

Post by kcbigring » Wed, Jan 27, 2021, 9:19 PM UTC

pretty good arguments from both sides here and lots to learn; although, Chamath has many valid points he is also really good at skirting around some of the questions. hubris on both ends.

Re: Chamath Palihapitiya on Wallstreetbets [audio]

#69

Post by 99_00 » Wed, Jan 27, 2021, 9:19 PM UTC

nceqs3 wrote: post #67

The Chamath Craze is ridiculous. The guy is a stock promoter through and through. It's really sad to see people fall into this guys trap. He has an incredibly story (coming from nothing) but lets look at his career: He "leaves" (aka fired) Facebook for being a D*ck head. Nobody is willing to work with him because he is rude and a jerk. His direct reports would cry regularly. Steven Levy talked about this in his book…

Just to be clear, you aren't disagreeing with the argument he is making in this clip? Correct?

Re: Chamath Palihapitiya on Wallstreetbets [audio]

#70

Post by polka_haunts_us » Wed, Jan 27, 2021, 9:21 PM UTC

paulgb wrote: post #55

superkuh wrote: post #42

Earlier quoted context omitted.

>He didn’t have any answer as to fate of new bag holders he created with his tweet. Perhaps, but like his response to this question pointed out: neither did wallstreet when they left the US population as bag holders for all their damage in the past (ie, 2008). Additionally, the only people left being bag holders here so far are the hedge fund (and their copycats) taking such an absurd short position.

> Additionally, the only people left being bag holders here so far are the hedge fund “So far” is carrying a lot of weight here.

As long as the price keeps going up, there's no bag to hold yet in this metaphor. We're still at the part of the heist where the vault is being emptied.