i can't understand any of this, can someone provide an ELI5 or tl;dr?
Statement of SEC Regarding Recent Market Volatility
581–590 of 906 posts
Re: Statement of SEC Regarding Recent Market Volatility
#582Earlier quoted context omitted.
I agree in principle. Then in real life example you will have real doctors and nurses giving conflicting advices and having wildly different viewpoints on the details. The easy to point to example is how a lot of doctors viewed masks at the beginning of the pandemic. Or how trickle down economics is also endorsed by experts. Or experts opinions on mental health drugs. And so many other subjects where it won’t be hard…
" how a lot of doctors viewed masks at the beginning of the pandemic " Ok, so I've looked into the history of this a little, and most of the mask mythology seems misunderstood. Prior to 2020, most medical professionals believed most viruses, and corona viruses particularly, could not be transported as aerosols. This was a subject of research where the data had not come in. About late March, it began to appear that th…
Yeah, I think what a lot of people going on TV failed to really express is that there was so much unknown about this new virus, that this is the best information we have to go on RIGHT NOW. And then when that changed, they didn't make it explicit enough that they were changing their advice based on NEW DATA. Partially this is just the soundbite driven media, where even if it was explained, that often doesn't make the 10 second clip replayed.
My company had a zoom conference with a very well respected British doctor, he won something more or less equivalent to a nobel prize in mediciine, and he told my company, on May 4th, that masks are not necessary. This was already a bit head scratching, but what I feel he probably meant, but certainly did not explicitly say- is that its not a priority for an individual to wear a mask when there are shortages for front line workers.
But mix a changing message with an inbred resistance to being told what to do and the inconvenience of a mask, and this comes out the end for many as "They don't know what they are talking about these "experts!", I don't need to listen to them, they can't get their story straight!" and here we are...
Re: Statement of SEC Regarding Recent Market Volatility
#583Earlier quoted context omitted.
In 1929 a series of events took place, and some of it took a while to happen (like Ford shutting down for a few months) that pretty much (not completely) eliminated retail accounts from both the stock market and actually from banking. Much of the public swore off checking and savings accounts, never mind owning stocks. It seems like the big money is changing its clothes to pose as children in order to get priority on…
I take much of what you say a reasonable wisdom, but the idea of retail investors buying weak stocks on margin and riding them to zero seems far fetched. They shouldn't be buying on margin anyway and if it goes to zero, they're going to get the margin call no matter what.
So they get the margin call partway down, they pay in to keep the stock because they have told all their friends they are long that mess, and out of pride continue to ride it down.
Re: Statement of SEC Regarding Recent Market Volatility
#584Observation:
When a startup seeking a C round does it, it's -disruption - moving fast and breaking things - seizing market advantage by nimbly circumventing slow-moving or antiquated regulation.
When a nihilistic stan does it, it's - -
Argumentation over terminology, expertise, etc., is secondary,
to the ways in which this is about power, which informs every aspect of how, why, who, and what. Including the language used and appeals made by those who have it, traditionally have it, and defend it, against those who do not.
Many of the details being argued over are interesting mostly because argument over such details is another tool of the powerful.
Re: Statement of SEC Regarding Recent Market Volatility
#585Earlier quoted context omitted.
I bunged in $50 into GME this morning because why the hell not. If pubs ever reopen I can spend another $50 on a round of drinks with mates and legitimately say "we took on the wall street parasites". The truth doesn't matter, the end doesn't matter, the tale is the reward.
I can do that for half the price by skipping the first $50 and starting with tall tales in the pub.
But I bet the beer would not taste as good.
Re: Statement of SEC Regarding Recent Market Volatility
#586Earlier quoted context omitted.
I am so sick of this 'stay in your lane' attitude. Time and time again, experts have been shown to have consensus opinions which are wildly off from reality. You can almost set your watch to how often an outsider will analyse a situation from first principles and make money off the 'experts', especially in the stock market. You're welcome to your opinion but this appeal to authority is seriously wearing thin. Pretty…
> Time and time again, experts have been shown to have consensus opinions which are wildly off from reality No, it's just that it's not interesting when an expert is right about their domain expertise so we don't talk about it. The issue is people getting skewed by this and then inferring that it must mean, on average, that their outsider opinion is as valid as experts, but really, it's not.
If a physicists tells me something about how the solar system works, they don't have much reason to lie to me.
If RobinHood tells me how clearing houses work, they have a huge reason to lie to me.
Given what we say in cases like Enron, Bear Stearns, I am shocked and dismayed at the eagerness of Hacker News contributors to so readily accept whatever Robinhood tells them as 100% gospel.
Where were all these experts on clearing houses a week ago, warning of this exact risk? Because plenty of people had opinions on Gamestop, that maybe the SEC would halt trading altogether etc, but not a single person mentioned this clearing house liquidity issues until it happened. And I still really can't get a good explanation for why if I had 10k in my non-margin account that cleared over a year ago I can't use that to buy a stock(or withdraw for that matter, though hopefully that's temporary). OR, if people were allowed to sell stock, who were they selling to?? Clearly SOMEONE was allowed to buy! A lot of misdirection around things like margin accounts.
Robinhood didn't give any real explanation until many hours later. But they're apparently just "poor communicators." Amazing how a billion dollar company filled with conflicts of interest making a totally unprecedented restriction that actively helps their hedge fund investor simply can't possibly be committing any sort of fraud.
Because nobody's ever committed fraud before, a Robinhood press release must be treated as the "facts". This is insanity . Robinhood are not the "experts" in this case, their version of truth is probably the least reliable of all parties.
Re: Statement of SEC Regarding Recent Market Volatility
#587Earlier quoted context omitted.
Here's what oh-so-many people are missing: the gigantic volume in these stocks is no longer coming from the WSB YOLO bros who know they'll lose money but think that's worth it to stick it to hedge funds. That may well be who was getting into the stock on Monday and Tuesday. But now it is people who saw the story on Good Morning America, having never previously heard of WSB or Robinhood, who don't care about hedge fun…
So it's WSB fault that the news outlets spun the narrative to confuse people? Sorry, but hasn't the news spinning and generally misconstruing news stories to the benefit of their advertisers and financiers agendas been the issue the past few years?
The news has a long history of prevaricating. “Remember the Maine.” It is only recently that folks are waking up to what Chomsky spent a lifetime explaining. The awakening is accelerating. Assange and Snowden, the naked media lying in the 2020 election, and now Wall Street manipulation is being exposed. We never had a reckoning after 2008. If this becomes an infinite runaway squeeze. Who will get bailed out?
Re: Statement of SEC Regarding Recent Market Volatility
#588Earlier quoted context omitted.
Crypto is a technology not a gamble. It attracts gamblers but it's a technology and it's already 12 years old. I could say that an open decentralized permissionless network that has moved trillions of dollars for the last 12 years is resilient enough for me.
You could say the exact same thing about the US stock market, except it's moved orders of magnitude more money. The risk may not be in the same spots as traditional markets, but it's there. Return doesn't come without risk, it comes because of the risk.
The US stock market is an institution run by suits not a technology. I mean boomers like you might think that the internet and usps are the same thing because they both move messages around but they are not.
Re: Statement of SEC Regarding Recent Market Volatility
#589Earlier quoted context omitted.
The non-consensus outsiders who make progress have done the reading. They know what the consensus is, they know all the concepts and the jargon, and they disagree about something. Your post can be interpreted to mean "my ignorance is just as good as your knowledge". That's anti-vax thinking and argument. That is not a way to make progress.
Pretty well captured by that old comedy sketch "The expert" [1] I dare say that most people here on HN have been hit by upper management telling them to do something stupid or impossible. I'd even wager that most have had them get defensive when you try to explain why doing X isn't a good idea. That's effectively what I see when someone criticizes "experts" broadly and generally. I've long accepted that there are man…
The Expert sketch is all dramatic and frustrating, I rather like the Mitchell and Webb spoon design sketch for a quieter view of the problems of designing and communicating
https://www.youtube.com/watch?v=Hu9nhExp5KI
(y'know, if you're faced with something which seems obvious, and the expert is struggling, why? And should you simply trust them and give up? Why is the extra "explanation" just the same thing repeated again and again? How difficult it is to say "I still don't understand" after several of these explanations. And then at the end it's less clear whether the request is reasonable, if you use spoons as a proxy for other things).
Re: Statement of SEC Regarding Recent Market Volatility
#590i can't understand any of this, can someone provide an ELI5 or tl;dr?
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