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I disagree with Chamath’s take. Chamath sounds intelligent but it’s misplaced. It’s like analyzing Black Friday stampedes with the rationality of product quality assessment, better customer service, and overall better shopping experience. No. That’s not why these people are rushing in. Black Friday stampedes are a cascading phenomenon of FOMO + price trickery. It’s a giant mob with irrational behavior. Let’s not poli…
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No, its not. Have you forgotten the bailouts already?
Equity holders of defunct financial institutions were not bailed out in 2009. They suffered massive losses.
The owners of bank equity did fine while the working class got screwed. This is the environment the millenials started their investing opportunities in. That the game is rigged was made explicit early on in most millenials' investing career.
The stack on this story so far (newest ones at the bottom—if I've missed any, can you let me know at hn@ycombinator.com? this is sort of an experiment and we may eventually write software to support building lists like this collaboratively): https://news.ycombinator.com/item?id=25932598 ("Chamath Palihapitiya on Wallstreetbets [audio]" https://news.ycombinator.com/item?id=25904779 ("How WallStreetBets Pushed GameStop…
(This is a stub reply so I can collapse the various comments responding to this, so as not to distract too much from the topic at hand.)
> This video contains content from NBC Universal, who has blocked it on copyright grounds.
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…
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.
oh no.
that's really bad.
Options is one of the really fast ways to lose your shirt. I mean, they are known for that. I expect they were talking about doing it on margin too. :-/
I think the general answer would be no, because at the end this fund would be a bagholder of $350 stock that's worth about $30, and when trying to get rid of it the price would crash down.
My question then is, how are we somehow thinking that WSB doesn't have the same problem? The only issue is that the bagholders will be retail. It's being played off like some giant win to WSB. When really, those who have closed their positions have won, probably a select few. There's probably a lot more that are bagholders who're yet to feel the pain, which inevitably comes as everyone agrees that outside of the temporary short squeeze, this stock is not worth much more than $30.
The stack on this story so far (newest ones at the bottom—if I've missed any, can you let me know at hn@ycombinator.com? this is sort of an experiment and we may eventually write software to support building lists like this collaboratively): https://news.ycombinator.com/item?id=25932598 ("Chamath Palihapitiya on Wallstreetbets [audio]" https://news.ycombinator.com/item?id=25904779 ("How WallStreetBets Pushed GameStop…
(This is a stub reply so I can collapse the various comments responding to this, so as not to distract too much from the topic at hand.)
Would it be too complicated, or do we lack the tooling to visualize it properly? :). Graphs are good.
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Hey Dang, Thank you for this. How do you remember how to find the linkts to these posts real fast? Did you just had a bookmark on these?
I just used HN Search and wasn't particularly fast.
have you considered open-sourcing parts of HN so the community could create features to automate menial tasks like this?
this could free up your valuable time for other things.
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…
It helps that there aren't very many big names with airplay in the media right now that aren't being ridiculously biased against WSB here.
What I don't get is that, if this trade (140% short) was really so obviously wrong. Could a wealthy hedge fund not simply have made the same bet as the million strong WSB army, but even more pronounced? Why isn't a Carl Icahn short squeezing these guys if it's so easy and obvious? Simply buying calls and buying stocks and forcing a short squeeze, could a bigger established fund have made this bet? I think the general…