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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…
>Comes from nothing
>is a billionaire
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It’s really not a cesspool. Outside of the frenzy, they do a solid job (when things are quiet) of finding cheap stocks with a potential to move within a year. Even GME, before the phenomenon, the subreddit was mostly targeting 40 dollars around April earnings. The short squeeze was a real tactical play, but most people weren’t 100% on that as the main catalyst (as in, most people really thought the ps5/Xbox sales wou…
I’ve been following it for 7-8 years now. Lots great DDs that didn’t turn out as well. After sterilization (ignoring 99% of the nonsense comments), I just see more guess work than anything else. Before GME, there was RiteAid, we all know how that panned out.
The point is that they actually write out real strategies/positions as "DD", and you can make your own decisions.
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No doubt, there is some good stuff in there as well. A few DDs are very in-depth and surprisingly good. I don’t think the whole subreddit is like that.
Does DD stand for Deep Dive or what does it stand for?
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.
This isn't a defense of the guy by the way since all of this schtick is to ride positive PR as a billionare looking to enter political office in a climate where people aren't exactly enthused about billionares.
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…
“No major wins” >Comes from nothing >is a billionaire
EDIT: That's according to him. I wouldn't be surprised if the guy overhypes his assets. Also his divorce likely cost him half (they got married before he joined FB).
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Equity holders of defunct financial institutions were not bailed out in 2009. They suffered massive losses.
What about equity holders of hundreds of close-to-defunct financial institutions who were able to bounce back only due to government intervention?
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.
>And he’s delusional about research skills of WSB posters as compared to Wall Street analysts. Certainly there's a crowd on WSB that are just sheep, but there is a minority of WSB posters that produce quality research and analysis. The idea that Wall Street insiders are elite, a different breed, is mostly a myth. There are smart people working Wall St to be sure, but there are lots of smart people working elsewhere.
Most of these top firms have a specific pipelines from top ivy schools, they are very very selective for a specific person usually from an upper class upbringing.
I think Chamath has a point in that there's a lot more people capable of understanding the dynamics of options than are given credit for.
There still seems to exist this hubris in wall street that unless you went to those top schools you aren't capable of understanding derivatives and most of those institutions won't even interview you for a position if your CV isn't prestigious enough. Yet time and time again you see these funds blow up.
That being said its amusing how people just ran with the caricature of a fresh out of high school, blue collar upbringing, degenerate CBOE options pit trader who you would find smoking weed during trading hours and coked out pounding drinks at Ceres after hours with an autistic antisocial 4chan twist(heard stories from people who knew floor traders like this).
It seems like a lot of the professionals can't see past the tongue in cheek self deprecating humor to realize its an act that people play up.
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…
I was on reddit watching this speculation frenzy unfold. These idiots follow this guy's words and then spin rumors off of them....then those rumors circulate in this echo chamber until everyone is saying the same thing.
Then you have stuff like GME and AMC. I'm not surprised at all what is happening because there are so many people that just see the next big trend and just pile in.
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What about equity holders of hundreds of close-to-defunct financial institutions who were able to bounce back only due to government intervention?
One of the roles of the fed is to prevent financial markets from suffering liquidity induced meltdowns. It’s a basic service that benefits everyone, like roads or the post office.
And all this is totally not a gambling operation with a public safety net?